At first I couldn’t believe it. Wow, what a news event! But I only saw the story on Zero Hedge. That site is fairly reliable but one never knows if it might be fake news. But having seen the story later on Fox and CNN it was real.

There was a coordinated drone attack on Saudi oil facilities knocking out over half of Saudi Arabia’s daily oil output!! The largest single oil processing facility in Saudi Arabia, and in the world for that matter, was taken out.

Major explosion at oil processing plant in eastern Saudi Arabia. Screen grab from this news report.

Oil Production Loss Like 1973/1979

The Saudis lost production of 5.7 million barrels per day (bpd). That’s just over half of Saudi Arabia’s total production (of 9.8 m bpd), and a (5.7 m loss / 90 m world total) 6.3% total of world production. The…