Major petrochemical companies in Saudi Arabia announced a curtailment of feedstock supplies, as they are currently working on evaluating the financial impact due to Saturday’s drone attacks on Aramco sites.

Saudi Arabian energy minister Prince Abdulaziz bin Salman said on Sunday that attacks on the kingdom's oil facilities have partially halted crude and gas production from the world's top oil exporter.

Attacks on Aramco facilities in Abqaiq and Khurais cut the company's crude oil supply by around 5.7 million barrels per day or about 50 percent of its output, the minister said in a statement carried by Saudi state news agency SPA.

Saudi Basic Industries Corporation said that an approximate average of 49 percent of its feedstock supply has been curtailed as of Saturday 14th of September, while Saudi Kayan Petrochemical said that close to 50 percent of its feedstock supply has been curtailed.

Yanbu National Petrochemical announced an approximate 30 percent, while National Petrochemical said that 40 percent will be curtailed and Yansab announced a 30 percent cut.

The International Energy Agency (IEA) said on Saturday that the global oil markets are for now “well supplied with ample commercial stocks.”

Saudi stocks fell sharply in early trading on Sunday, dropping 2.16 percent by 11:15 GST, as investors reacted to the drone attack news.

(Writing by Gerard Aoun, editing by Seban Scaria)

(gerard.aoun@refinitiv.com

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