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<p><div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div></p><ul class="summary-list"><li>Two major Saudi oil refineries were set ablaze after a drone strike that was reportedly orchestrated by Yemen's Houthi rebel group.</li><li>The extent of the damage was unclear, which could be critical to the state-owned oil giant Saudi Aramco's plans for what could be <a href="https://markets.businessinsider.com/news/stocks/10-largest-ipos-in-history-ranked-by-total-proceeds-2019-9-1028521587">the largest initial public offering of stock in the world</a>.</li><li>A spokesman for the Iran-aligned Houthi group in Yemen said it had deployed 10 drones in the attacks, according to the BBC.</li><li>Houthi fighters were blamed for drone attacks on a natural gas facility last month and Iran has previously been blamed for attacks on oil tankers.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul><p>Yemen's Houthi rebel group claimed responsibility for two major Saudi oil refineries that were set ablaze after an apparent drone strike.</p><p>Interior ministry spokesman Mansour al-Turki reportedly confirmed that there were no casualties, but the extent of the damage was unclear, a major point of concern as the state-owned oil giant Saudi Aramco was amid plans for what could be <a href="https://markets.businessinsider.com/news/stocks/10-largest-ipos-in-history-ranked-by-total-proceeds-2019-9-1028521587">the largest initial public offering of stock in the world</a>.</p><p><a href="https://www.wsj.com/articles/drone-strikes-spark-fires-at-saudi-oil-facilities-11568443375">The Wall Street Journal reported</a> that people familiar with the matter said that Saudi Arabia is shutting down about half of its oil output after the attack, which the rebels described as one of their largest-ever attacks inside the kingdom.</p><div><p>The production shutdown amounts to a loss of about five million barrels a day or 5% of the world's daily production of crude oil.</p></div><p>State media reported fires are now under control at both facilities. The BBC reported that Abqaiq, the site of Aramco's largest oil processing plant, was struck first and a second drone attack started fires in the nearby Khurais oilfield.</p><p>A spokesman for the Iran-aligned Houthi group in Yemen said it had deployed 10 drones in the attacks, <a href="https://www.bbc.com/news/world-middle-east-49699429">according to the BBC.</a></p><p>Houthi fighters were previously blamed for drone attacks on the Shaybah natural gas liquefaction facility last month and Iran was blamed by Saudi Arabia and the US for attacks on two oil tankers in June and July, which authorities in Tehran denied.</p><p><em><strong>Read more</strong>: <a href="https://www.businessinsider.com.au/qatari-saudi-arabia-border-why-so-serious-2019-7" title="Read more" data-analytics-label="Headline 11">Here's how the locked-down Saudi Arabia-Qatar border became one of the tensest places on earth, sparking outrageous plans to build a 37-mile-long canal and turn Qatar into an island</a></em></p><p>The kingdom produces 9.8 million barrels of crude oil a day. The Khurais oilfield produces about 1% of the world's oil and Abqaiq is the company's largest facility that can process 7% of the global supply.</p><p>Aramco officials have suggested the company <a href="https://www.wsj.com/articles/for-aramco-insiders-princes-2-trillion-ipo-valuation-doesnt-add-up-1493064170">could be worth as much as $2 trillion</a>.</p><p>Ahead of the attack, it was reported that the state-run oil giant was planning to list as much as 5% of its shares sometime in 2020 or 2021. If Aramco were to list 5% of its shares at a $2 trillion valuation, it could raise as much $100 billion through the offering, which would equal four times the largest IPO in history.</p><p class="tagline"><a href="http://www.businessinsider.com/intelligence/drones-101?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=drone&amp;itm_campaign=drones-101"></a></p>

The world's largest oil plant in Saudi Arabia was attacked by 10 explosive drones ahead Aramco's plans for the biggest IPO ever

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>REUTERS/Ahmed Jadallah</span></p><p class="caption">The Saudi Aramco logo.</p></div><p></p></div></div></p><ul><li><strong>Saudi Aramco, the state-backed Arabian energy company is scheduled to publicly list later this year, <a href="http://markets.businessinsider.com/commodities/oil-price">and is </a>estimated to raise as much as $100 billion from its IPO. </strong></li><li><strong>But the strikes on Arabian oil fields could out the mammoth listing in jeopardy.</strong></li><li><strong>"The attacks came at a sensitive time for Aramco. The company could see its IPO valuation pulled lower as it prepares to go public," says one analyst.</strong></li><li><strong><a href="http://markets.businessinsider.com/commodities/oil-price">Watch oil trade live. </a></strong></li><li><strong><a href="http://markets.businessinsider.com">Visit Markets Insider's homepage for more stories.</a></strong></li></ul><p>Saudi Aramco, the state-backed oil company and the world's largest oil supplier, was scheduled to go public later this year or early 2020. </p><p>This now could be jeopardy. Saudi oil fields that are used by the oil giant were struck by drones - cutting Saudi's oil production in half. </p><p>"It indicates ongoing destabilization to global energy markets and will raise very real concerns about the Aramco IPO," Neil Wilson, chief market analyst at Markets.com, said in an email. </p><p>Ipek Ozkardeskaya, senior market analyst at London Capital Group, said: "The attacks came at a sensitive time for Aramco. The company could see its IPO valuation pulled lower as it prepares to go public."</p><p>Abqaiq, the site of Aramco's largest processing plant which processes about 7% of the world's oil, was hit in the first attack, while the second strike started fires in the Khurais oilfield which produces about 1% of the world's oil.</p><p>Oil prices surged as much as 20% to $71.95 a barrel when trading opened, later settling to just over 8%.</p><p>So far Houthi rebels in Yemen have claim responsibility for the attacks, while the Trump administration is blaming Iran. </p><p>What's clear is that Saudi Aramco's access to key oil fields are massively affected, while short term oil supplies are at risk.</p><p>All this means is that likely, Aramco will have some temporary disruption to its oil supply and will mean a delay in going public. Here is what we know so far about its potential IPO:</p><h2><strong><a href="https://www.businessinsider.com/saudi-aramco-debut-bond-deal-shows-company-is-worlds-most-profitable-2019-4?r=US&amp;IR=T">Aramco is the most profitable company in the world. </a></strong></h2><p>Aramco is practically printing money as according to Moody's it got more than $111 billion in profits last year. That figure would make it more profitable than Amazon, Apple, and Alphabet combined. Moody's said that the company is so profitable because it is "wholly-owned by the state and is expected to remain largely under government ownership even after any potential IPO in the future," adding that "the oil sector also comprises a substantial portion of Saudi Arabia's GDP and dominates its exports."</p><h2><strong><a href="https://markets.businessinsider.com/news/stocks/10-largest-ipos-in-history-ranked-by-total-proceeds-2019-9-1028521587#10-deutsche-telekom-ag1">Its IPO would be the largest on record.</a></strong></h2><p>The oil giant is looking to raise $100 billion from its IPO, which would sward the next biggest IPO, Alibaba's $25 billion. That's because the Saudi officials value the company at around $2 trillion, and want to list about 5% of its stock publicly. </p><h2><strong><a href="https://markets.businessinsider.com/news/stocks/saudi-aramco-considering-two-stage-ipo-snubbing-london-hong-kong-2019-8-1028485542">It's going for a two-stage IPO</a>. </strong></h2><p>It's been reported by the <a href="https://markets.businessinsider.com/news/stocks/saudi-aramco-considering-two-stage-ipo-snubbing-london-hong-kong-2019-8-1028485542">Wall Street Journal</a> that Aramco is looking to go for a two-stage IPO, listing $50 billion on two stock exchanges. The first listing would be on the Saudi Arabian one followed by Tokyo, which has emerged as the front runner due to disruption in London and Hong Kong. </p><h2><strong>It's not just getting its oil from Saudi Aramco.</strong></h2><p>What the attacks have shown is that Saudi and Aramco are both particularly vulnerable to attacks on oil fields. But the attacks themselves won't be debilitating to Aramco itself. Just last month, Aramco managed to secure a $15 billion deal with Asia's richest man for a stake in the world's biggest refinery in India. </p><h2><a href="https://markets.businessinsider.com/news/stocks/saudi-aramco-buys-15-billion-stake-reliance-industries-mukesh-ambani-2019-8-1028437515">That refinery produces roughly 1.2 million barrels a day</a>. </h2><p>Aramco has a deal with Saudi that lets it access the country's oil fields for the next forty years without interruption. </p><p>This year Saudi limited Aramco to 40 years of unrestricted access to its oil supplies. while that may not sound great long-term, Aramco is able to renegotiate that deal later on to extend the deal. Essentially it could easily be for the next half century onwards. </p><h2><strong>Aramco got a lot of interest from investors for its debut bond sale earlier this year. </strong></h2><p>The oil giant wanted $12 billion in investment this year and in return got more than $100 billion in demand as investors looked to capitalize on the state-run company's transparency push ahead of a potential IPO.</p><h2><strong>The company will have some big names helping the IPO.</strong></h2><p>So far its been reported that Aramco hired JPMorgan, Morgan Stanley, and Saudi Arabia's National Commercial Bank for top underwriting spots on the offering. While Dina Powell, a former Trump official has been helping to put Goldman Sachs in the running as well. </p><p> </p><p class="tagline">Get the latest Oil WTI price<a href="http://markets.businessinsider.com/commodities/oil-price?type=WTI"> here.</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/what-happens-two-hurricanes-collide-fujiwhara-effect-2017-9">Here's what happens when two hurricanes collide</a></h3>        <div>                    </div>    </div>

The attack on Saudi oil supplies threatens what could be the world's biggest IPO. Here's what we know about Saudi Aramco.

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>AP</span></p></div><p></p></div></div></p><ul><li><strong>Oil stocks are surging on Monday after strikes on Saudi oil fields damaged roughly half of the Kingdom's oil production. </strong></li><li><strong>Exxon Mobil surged in premarket 3.6% while BP and shell also rallied in opening trading in Europe.</strong></li><li><strong>In opening trading, Brent crude oil surged as much as 20% to nearly $72 a barrel, one of the biggest spikes on record.</strong></li><li><strong><a href="http://markets.businessinsider.com/commodities/oil-price"><em>Watch oil trade live here</em></a>. </strong></li><li><strong><a href="http://markets.businessinsider.com">View Markets Insider's homepage for more stories. </a></strong></li></ul><p>Oil stocks are surging on Monday after strikes on a Saudi Arabian oil field over the weekend disrupted roughly half of the Kingdom's oil supplies. </p><p>Brent crude oil shot up 20% on opening trading in Asia, marking one of the biggest spikes on record, later coming down to 8.3% by the time markets opened in Europe. At the time oil pushed to $72 a barrel, but later settled to about $65.</p><p>Exxon Mobil in pre-market was up 3.3% at 10:00 in London, (5:00 EST). The FTSE 350 oil and gas index also rose 3.3% as BP rose 3.8% and Shell 2.9%, which are both listed on the index. </p><p>Here is a list of stocks that are surging:</p><ul><li>Exxon Mobil: 3.3% in pre-market</li><li>BP: 3.8%</li><li>Shell: 2.9%</li><li>Chevron: 3.4% in pre-market</li><li>Kinder Morgan: 7.2% in pre-market</li><li>Occidental Petroleum: 5% in pre-market</li><li>Schlumberger: 5.8%</li><li>Chesapeake: 14.4% in premarket</li><li> Tullow: 9.8%</li></ul><p>The price of oil is still surging and though unlikely, some analysts are saying that it could reach $100 a barrel, as half of Saudi's oil production capabilities or roughly 5% on the global supply have been affected. </p><p>"Three days ago, oil prices hitting $100 a barrel was almost an impossible scenario. Not anymore," said Hussein Sayed, chief market strategist at FXTM.</p><p>"That's not just because of the current disruption from Saudi Arabia, but the fact that the chances of military conflict in the region have risen dramatically. US Secretary of State Mike Pompeo blamed Iran for the drone attacks, and Republican Senator Lindsey Graham said the United States should consider an attack on Iran's oil refineries. Meanwhile President Trump warned that the US is 'locked and loaded'.</p><p>"If such statements continue to flow from the US administration, geopolitical risk premium would increase significantly as any strike against Iran may put the whole Gulf region in jeopardy," he added. </p><p>Saudi Aramco, the state-backed, oil company, is scheduled to go public later this year, with timing that may in doubt because of the attacks. It's been estimated that its IPO could raise as much as $100 billion. </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/why-hurricanes-spin-counterclockwise-2017-9">Here's why all hurricanes spin counterclockwise in the northern hemisphere</a></h3>        <div>                    </div>    </div>

Exxon Mobil, BP and other oil stocks are surging after strikes on Saudi oil fields wiped out half of the Kingdom's oil output

Buyers of loss-making airline Air India and oil firm Bharat Petroleum Corporation Ltd (BPCL) will not get a free hand to shed excess workforce as the government will build in certain protection to employees in the share sale agreement, DIPAM Secretary Tuhin Kanta Pandey said.
 Public sector companies often have more people on rolls than their private sector counterparts and companies wanting to take them over would likely to right-size them to remove inefficiencies.
<br /><br /> In an interview with , the secretary of the Department of Investment and Public Asset Management (DIPAM) said the government will follow a two-stage bidding process for selling its entire holding in Air India and BPCL.
<br /><br /> First preliminary interest from potential bidders is invited, followed by they being given access of data room on the companies for due diligence. In the second stage, price bids are invited.
<br /><br /> While in the case of Air India, the expression of interest (EoI) has been invited by March 17, an offer seeking the same for BPCL is likely to be floated in the next few days.
<br /><br /> Asked if the bidders will get a free hand to right-size the companies after the acquisition, Pandey said, "There will be certain protection to employees and there will be other conditionalities and this will be listed out in the share purchase agreement (SPA)."
<br /><br /> He did not give details of the conditionalities. An SPA will signed with the acquirer who offers the highest bid for buying out government stake.
<br /><br /> The government is selling its entire 100 per cent stake in Air India but wants effective control to stay with Indian nationals. The airline, which started as a Tata Airlines in 1932 and was later acquired by the government, has not made profits since 2007. It has a total debt of Rs 60,074 crore, of which bidder has to takeover Rs 23,286.5 crore.
<br /><br /> In the case of BPCL, the government is selling its entire 53.29 per cent stake in the company that will give buyers ready access to 14 per cent of India's oil refining capacity and about one-fifth of the fuel market share in the world's fastest-growing energy market.
<br /><br /> "There is a two-stage process. There will be EoI and request for proposal or RFP (in the first stage) and due diligence-cum-bidding stage (in the second)," Pandey said. "After the bidding stage, the highest bidder (will be identified). The highest bidder meeting the reserve price will sign the SPA."
<br /><br /> Asked about concerns over valuation of BPCL, he said DIPAM has valuation methodologies. "There is an independent asset valuer and then there is a transaction advisor who will do the business valuation. Then, the value will be arrived at. But, this valuation or the reserve price will not be revealed unless the financial bids are received."
<br /><br /> Officers' unions of blue-chip public sector undertakings (PSUs) have opposed the government's decision to privatise India's second-biggest oil firm BPCL, saying family silver worth Rs 9 lakh crore is being sold for a fraction of the amount.
<br /><br /> BPCL has a market capitalisation of about Rs 1 lakh crore and the government stake at current prices is worth about Rs 54,000 crore. The successful bidder will also have to make an open offer to other shareholders for acquiring another 26 per cent at the same price.
<br /><br /> Privatisation of Air India and BPCL is essential for meeting the record Rs 2.1 lakh crore target Finance Minister Nirmala Sitharaman has set from disinvestment proceeds in the Budget for 2020-21.
<br /><br /> This is the second attempt for sale of Air India after the failed attempt in 2018. Losses notwithstanding, it has some lucrative assets that include prized slots at London's choked Heathrow airport, a fleet of more than 100 planes and thousands of trained pilots and crew.
<br /><br /> BPCL operates four refineries in Mumbai, Kochi (Kerala), Bina (Madhya Pradesh) and Numaligarh (Assam) with a combined capacity of 38.3 million tonnes per annum, which is 15 per cent of India's total refining capacity of 249.4 million tonnes. While the Numaligarh refinery will be carved out of BPCL and sold to a PSU, the new buyer of the company will get 35.3 million tonnes of refining capacity.
<br /><br /> It also owns 15,177 petrol pumps and 6,011 LPG distributor agencies in the country. Besides, it has 51 LPG (liquefied petroleum gas) bottling plants. The company distributes 21 per cent of petroleum products consumed in the country by volume as of March this year and has more than a fifth of the 250 aviation fuel stations in the country.  JD  HRS<br /><br />See Also: <a href="https://www.businessinsider.in/science/space/news/indias-new-rocket-will-let-isro-launch-satellites-month-on-month/articleshow/73892024.cms?src=hp_wh">India’s new rocket will let ISRO launch satellites month-on-month</a>

Air India, BPCL investors will not get to fire employees says government department

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>PETER PARKS/AFP/Getty Images</span></p><p class="caption">A petrol station attendant fills up a car at a garage on the outskirts of Chengdu in China's south west Sichuan province 02 August 2005. The price of a barrel of oil hit a record price of 62.30 dollars on the New York market with fears of US refinery problems dominating over the death of King Fahd of Saudi Arabia.</p></div><p></p></div></div></p><ul class="summary-list"><li><strong>Saudi Arabia's oil production was slashed in half on Saturday during an attack on two of its main oil facilities. </strong></li><li><strong>The attack wiped about 5% of the world's daily production of crude oil, equal to about 5 million barrels. </strong></li><li><strong>Yemen's Houthi rebel group claimed responsibility for the attacks, though the US has <a href="https://twitter.com/SecPompeo/status/1172963090746548225">pointed a finger towards Iran</a>. </strong></li><li><strong>An expert told Business Insider that China has been one of the largest buyers of Saudi oil since 2009, and could be impacted by a halt to the country's oil exports. </strong></li><li><strong><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</strong></li></ul><p>Saudi Arabia's oil production was slashed in half <a href="https://www.businessinsider.com/saudi-arabia-oil-attack-iran-not-yemen-report-2019-9">following an attack on two of its oil facilities on Saturda</a>y, and China, along with other countries in Asia and the Middle East, may be the ones to pay the price. </p><p>Two major oil refineries in Saudi Arabia came under attack and knocked out production on about 5% of the world's daily production of crude oil, equal to about 5 million barrels. Yemen's Houthi rebel group claimed responsibility for the attacks, though the US has <a href="https://twitter.com/SecPompeo/status/1172963090746548225">pointed a finger towards Iran</a>. </p><p>The Saudi stock index TASI fell 2.3% on Sunday before recovering, <a href="https://www.businessinsider.com/saudi-arabia-drone-attack-means-for-oil-prices-2019-9?r=US&amp;IR=T&amp;_ga=2.236821378.2054549896.1568590709-2145792299.1566518976">Reuters</a> said. Other Gulf markets, including Kuwait and the United Arab Emirates, also sank.</p><p>Some analysts predicted that the attack <a href="https://www.businessinsider.com/saudi-arabia-drone-attack-means-for-oil-prices-2019-9">would have a big impact on global energy prices</a>. Oil prices rose significantly on Monday, with Brent crude trading at $66.52 per barrel on the oil futures market, according to the <a href="https://www.washingtonpost.com/business/2019/09/15/oil-prices-jump-after-weekend-drone-attack-saudi-arabian-oil-fields-infrastructure/">Washington Post</a>, a 10% jump from Friday's close of $60.15.</p><p>Saudi Arabia accounts for 10% of the global oil output, according to UAE-based paper <a href="https://www.thenational.ae/business/energy/saudi-arabia-has-sufficient-stocks-to-meet-shortages-for-three-months-analysts-say-1.911074">The National</a>. The country stores at least 187 million barrels of reserves, it said, which could cover about 28 days of exports. </p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>VIDEOS OBTAINED BY REUTERS/via REUTERS</span></p><p class="caption">Smoke is seen following a fire at an Aramco factory in Abqaiq, Saudi Arabia, September 14, 2019.</p></div><p></p></div></div></p><p>According to the <a href="https://oec.world/en/profile/country/sau/">Observatory of Economic Complexity</a> (OEC), which measures international trade data, Saudi Arabia is the 26th largest export economy in the world, and its top exports are crude and refined petroleum, a multi-billion dollar industry for the Gulf state. </p><p>Analysts told The National that Saudi Arabia may be able to use its stockpile to maintain exports for up to three months in the short term as it works to rebuild. </p><p><em><strong>Read more:</strong><a href="https://www.businessinsider.com/saudi-arabia-oil-aramco-drone-strike-2019-9"> The world's largest oil plant in Saudi Arabia was attacked ahead Aramco's plans for the biggest IPO ever</a></em></p><h2>Trump says the US is 'locked and loaded,' though other countries may suffer the most </h2><p>Thomas W. Lippman, a scholar at the Middle East Institute, said it was likely that China may be most affected by changes to Saudi Arabia's oil exports. </p><p>"This is not just 'Saudi Arabia's conflict' but an attack on the worldwide supply of oil," he told Business Insider. "The country most affected could be China, which has been the largest buyer of Saudi oil since 2009."</p><p>According to <a href="https://www.reuters.com/article/us-saudi-aramco-china/china-condemns-attacks-on-saudi-oil-facilities-idUSKBN1W20SQ">Reuters</a>, Saudi Arabia is China's top oil supplier, year to date.</p><p>A <a href="https://www.washingtonpost.com/world/2019/09/16/who-buys-saudi-arabias-oil/">Washington Post analysis</a> of 2018 imports of Saudi Arabian crude oil shows that it's not just China who may feel the heat. Japan inched out China, importing $31.2 billion to China's $29.7 billion in 2018. South Korea and India also imported high dollar amounts of crude oil from Saudi Arabia. </p><p>However, in terms of what percentage of oil came from Saudi Arabia in 2018, more than 90% of Bahrain and Jordan's crude oil came from Saudi Arabia.</p><p>Lippman added that while tensions between Saudi Arabia and Iran have flared up over the incident, it is unlikely that they are headed towards a military conflict.</p><p>"Iran knows that a full-scale military conflict would bring down a destructive response from the United States, and the Saudis know it would mean crippling damage to more critical facilities along the Gulf coast  - not just oil installations but water desalination plants," he said. </p><p>And although President Trump said the US was "<a href="https://www.businessinsider.com/trump-us-locked-and-loaded-saudi-aramco-oil-attack-2019-9">locked and loaded</a>" and ready to respond to the attack, Lippman says US intervention would "would not be good for anyone." </p><p>"Neither the US nor Saudi Arabia nor any of their friends is going to invade Iran, and Iran can't be bombed into submission, so it would be a war that nobody could win. What would be the point?"</p><p class="tagline">Get the latest Oil WTI price<a href="http://markets.businessinsider.com/commodities/oil-price?type=WTI"> here.</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/reporter-luke-harding-explains-life-under-fsb-surveillance-2017-12">A reporter who lived in Russia for 4 years reveals what it was like being stalked by Russian spies</a></h3>        <div>                    </div>    </div>

China could be the biggest loser from the Saudi Arabia oil attack

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Reuters</span></p><p class="caption">Smoke is seen following a fire at Aramco facility in the eastern city of Abqaiq</p></div><p></p></div></div></p><ul class="summary-list"><li>A drone strike that knocked out half of Saudi Arabia's oil production could lead to higher oil prices globally, according to analysts. </li><li>The production shutdown amounts to about 5% of the world's daily production of crude oil, or roughly 5 million barrels.</li><li>The Saudi index fell 2.3% at the opening on Sunday before recovering, <a href="https://in.reuters.com/article/saudi-aramco-markets/saudi-gulf-stocks-fall-after-attacks-on-aramco-oil-plants-idINKBN1W00GM">Reuters reported</a>.</li><li><strong><a href="https://markets.businessinsider.com/?utm_source=msn.com&amp;utm_medium=referral&amp;utm_content=msn-slideshow&amp;utm_campaign=bodyurl" target="_blank" rel="noopener">Visit the Markets Insider homepage for more stories.</a></strong></li></ul><p>On Saturday, a drone strike on two major Saudi Arabian oil refineries knocked out about half of the country's oil production. </p><p>The production shutdown amounts to about 5% of the world's daily production of crude oil, or roughly 5 million barrels. The attack came as state-owned oil giant Saudi Aramco has been plotting a <a href="https://markets.businessinsider.com/news/stocks/10-largest-ipos-in-history-ranked-by-total-proceeds-2019-9-1028521587">massive initial public offering</a>. Yemen's Houthi rebel group claimed responsibility for the attack. </p><p>The Saudi index fell 2.3% at the opening on Sunday before recovering, <a href="https://in.reuters.com/article/saudi-aramco-markets/saudi-gulf-stocks-fall-after-attacks-on-aramco-oil-plants-idINKBN1W00GM">Reuters reported</a>. The move erased any stock gains on the index for the year, <a href="https://www.bloomberg.com/news/articles/2019-09-15/saudi-stocks-tumble-as-tensions-surge-after-aramco-drone-attacks">Bloomberg reported.</a></p><p><strong><em>Read more:</em></strong> <em><a href="https://www.businessinsider.com/saudi-arabia-oil-aramco-drone-strike-2019-9">The world's largest oil plant in Saudi Arabia was attacked by 10 explosive drones ahead Aramco's plans for the biggest IPO ever</a></em></p><p>Reuters reports that other Gulf markets, including Kuwait and Dubai were down 0.4% and 0.5% respectively on Sunday following Saturday's attack. </p><p>Beyond the Gulf states, the attack could have a big impact on energy prices around the globe, with some analysts estimating that the price of crude oil could jump $10 when trading opens Sunday evening. </p><p>"This is a big deal," Lipow Oil Associates president Andrew Lipow <a href="https://www.cnbc.com/2019/09/14/oil-could-rise-10-per-barrel-after-drone-attack-forces-saudi-to-cut-output.html">told CNBC on Saturday</a>.  "Fearing the worst, I expect that the market will open up $5 to $10 per barrel on Sunday evening. This is 12 to 25 cents per gallon for gasoline."</p><p>The extent of the higher prices might not have the same effect on the US economy that it has had in the past, in part because of the rise in US oil production, <a href="https://www.wsj.com/articles/saudi-oil-attack-is-unlikely-to-dent-u-s-economy-11568539800">The Wall Street Journal reported Sunday</a>. In the 1970s, sky-high oil prices <a href="https://www.theguardian.com/environment/2011/mar/03/1970s-oil-price-shock">caused by an embargo imposed by Arab oil producers</a> led to a stock-market crash.</p><p>But if it results in higher energy prices, Ryan Kellogg, an economist at the University of Chicago told The Journal, it could be a key part of a global slowdown, which in turn could affect the US. </p><p>"To the extent those slowdowns are going to ripple through the trade system, we could see some of those impacts in the U.S. as well,"  <a href="https://www.wsj.com/articles/saudi-oil-attack-is-unlikely-to-dent-u-s-economy-11568539800">Kellogg told The Journal</a>.</p><p class="tagline">Get the latest Oil WTI price<a href="http://markets.businessinsider.com/commodities/oil-price?type=WTI"> here.</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/what-happens-two-hurricanes-collide-fujiwhara-effect-2017-9">Here's what happens when two hurricanes collide</a></h3>        <div>                    </div>    </div>

You Searched For "gandhar oil refinery ipo" and got 6 results

The world's largest oil plant in Saudi Arabia was attacked by 10 explosive drones ahead Aramco's plans for the biggest IPO ever

Ellen Cranley,Ellen Cranley

The attack on Saudi oil supplies threatens what could be the world's biggest IPO. Here's what we know about Saudi Aramco.

Yusuf Khan

Exxon Mobil, BP and other oil stocks are surging after strikes on Saudi oil fields wiped out half of the Kingdom's oil output

Yusuf Khan

Air India, BPCL investors will not get to fire employees says government department

PTI

China could be the biggest loser from the Saudi Arabia oil attack

Rosie Perper,Rosie Perper

Drones wiped out half of Saudi Arabia's oil production - and it could lead to higher gas prices

Lydia Ramsey

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