Attacks On Saudi Oil Supply Effectively Wipe Out the Worlds Spare Capacity

(CNBC) The attacks on critical oil production facilities in Saudi Arabia over the weekend will effectively wipe out the worlds spare oil capacity an expert from S&P Global Platts said on Monday. An oil processing facility at Abqaiq and the nearby Khurais oil field were attacked on Saturday knocking out 5.7 million barrels of daily crude production or 50 of the kingdoms oil output. Thats more than 5 of global daily oil production. The countrys national oil company Saudi Aramco has 35 to 40 days of supply to meet contractual obligations according to a source close to the matter.