Saudi Arabia Warns of Oil Shortage After Houthi Attacks

Saudi Arabia Warns of Oil Shortage After Houthi Attacks

After new attacks by Yemeni Houthi rebels on oil facilities and other infrastructure in Saudi Arabia, Riyadh warns of shortages in the international oil market. The country is one of the largest exporters of crude oil globally.

 

The Houthis attacked installations of the state oil group Aramco last weekend, according to Saudi Arabia. The Saudi air defence intercepted a ballistic missile and nine explosive-laden drones on the night from Saturday to Sunday. The rebels themselves said they had carried out “a large-scale military operation” against “important targets”.

As a result of the attacks, oil production has been “temporarily” reduced, the Saudi energy ministry said. The lower production is compensated with reserves.

On Monday, the foreign ministry said that Iran’s arms supplies to the Houthis and the rebel attacks have “serious consequences” for Saudi oil production and the kingdom’s ability to meet its obligations. In addition, this threatens the “security and stability of energy supplies” worldwide.

Saudi Arabia leads a military coalition in Yemen that is carrying out bombing campaigns in support of the internationally recognized government, which has been embroiled in a bloody conflict with the Iranian-backed Houthis since mid-2014. The war has already killed hundreds of thousands of people, and millions are fleeing the violence. According to the United Nations, this is the worst humanitarian crisis globally.

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