WB expects Aramco attacks to have negative impact on Saudi growth

NEW YORK, Oct. 10 (YPA) – The World Bank (WB) predicted on Thursday that the attacks on Saudi Aramco facilities in mid-last month will affect the kingdom’s economic growth in 2019.

The bank said in a report issued on Thursday that its projections indicate a slowdown in GDP growth in the kingdom in 2019 to 0.8%, compared with 1.7% in previous estimates.

On September 14, the Yemeni army drones launched attacks targeting two oil installations belonging to the Saudi oil giant Aramco, which initially halted half of the kingdom’s crude production, equivalent to 5% of global production.

The attacks led to the halt of 5.7 million barrels of crude oil per day, or about 50 percent of Aramco’s production, and two billion cubic feet of associated gas.

Saudi Arabia implemented significant cuts in oil production in 2019 as part of an OPEC+ cut deal, one of the reasons for the slowdown in growth, the report said.

YPA