Market News and Commentary – Wall Street Underground

By Nick Guarino | September 14, 2019

Shutdown Amounts To A Loss Of Some Five Million Barrels A Day, Roughly 5% Of The World’s Daily Production Of Crude

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THE SAUDI PRODUCTION SHUTDOWN AMOUNTS TO A LOSS OF ABOUT FIVE MILLION BARRELS A DAY, THE PEOPLE SAID, ROUGHLY 5% OF THE WORLD’S DAILY PRODUCTION OF CRUDE OIL. THE KINGDOM PRODUCES 9.8 MILLION BARRELS A DAY.

A coordinated drone strike hit at the heart of Saudi oil production on Saturday, sparking an enormous blaze and forcing the kingdom to shut down about half of its crude output, according to people familiar with matter. Iran-allied Houthi rebels in neighboring Yemen claimed responsibility for what would be one of their largest-ever attacks inside the kingdom.

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