The Wall Street Journal reports that Saudi Arabia is shutting down half of their oil production following pre-dawn attacks on two major Aramco oil facilities east of Riyadh. The paper reports that will shut down almost five million barrels of oil production per day, or about 5% of the world’s output.
Yemen’s Houthi rebels are claiming responsibility.
The drone attacks come as Saudi Arabia prepares for a much-anticipated initial public offering of Aramco. The IPO is part of a reform program put forward by Crown Prince Mohammed bin Salman to wean the Saudi economy off its reliance on oil. Aramco's CEO said its stock market debut will be "very soon."