Prime Time With Ravish Kumar | Are Drone Attacks On Saudi Arabia's Oil Plants A Setback For India?

Prime Time With Ravish Kumar | Are Drone Attacks On Saudi Arabia's Oil Plants A Setback For India?

‘War’ is a very common word used by the leaders of the world but some of the recent developments show that the world is preparing for actual war. Saudi Arabia’s oil plants were attacked by drones. Two blasts occurred on Saturday and Saudi Arabia’s oil production was severely hit. In totality, world’s 5 per cent oil production was hit by these attacks. Abqaiq, which has the world’s biggest oil processing unit, was one of the affected oil plants. The attack also took place at the Khurais oil processing plant. These plants were owned by Saudi Aramco, a state run petroleum company. These attacks have led to the rising oil prices globally. On Monday, the crude oil prices rose to 20 per cent from $60 per barrel to $72 per barrel. It is the biggest single day rise in the crude oil prices since 1980. To reduce panic in the oil markets, US President Donald Trump said that the US would increase its oil production. It was only after Mr Trump’s statement there was a slight improvement in the exponential rise of crude oil prices. Crude oil prices reduced from $72 per barrels to $66 per barrel. US says Iran is behind these attacks to which Iran denies categorically. Yemen’s Houthi group has taken the responsibility of these attacks which is allegedly backed by Iran.

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