After drone attacks on two major oil facilities in Saudi Arabia on Saturday, half of the country's production capability has been knocked out. How much of an impact will this have on global oil supplies?
As the latest data from BP shows, Saudi Arabia is the second-largest producer of oil in the world, accounting for 13 percent of all production in 2018. On top of that, the country is the largest exporter of crude oil.
In reaction to the incident, U.S. President Trump appeared to use the situation to bolster his own image, tweeting: “Because we have done so well with Energy over the last few years (thank you, Mr. President!), we are a net Energy Exporter, & now the Number One Energy Producer in the World”, before looking to calm fears of supply issues, adding: “We don’t need Middle Eastern Oil & Gas”.
This article and chart originally appeared on the blog of Statista, a data firm, and is republished here with permission.