from ZeroHedge:

With the Saudis now racing to restore full oil production to normal levels as one Sunday morning headline noted, the industry is bracing for a potential significant delay in production — given rumors the fires at the facilities struck in the early hours of Saturday may not be fully “under control” as the kingdom was quick to assure hours after the raging explosions — which could translate into oil prices being very high for a long time. Industry sources said it could take weeks to return full production levels to normal.

Following what Yemen’s Houthis claimed was their own successful targeting of Saudi Arabia’s second largest oil field in the Khurais, as well as the sprawling Abqaiq oil processing facility in Buqyaq — described by Aramco as “the largest crude oil stabilization plant in the world” — the Saudi company acknowledged it was forced to slash its output by half, equal to about 5% of world supply, specifically 5.7 million barrels a day of oil production lost. In the meantime, Saudi Arabia’s stock market fell by 2.3% at Sunday’s open.

What will Monday bring? Upon market opening there’s widespread prediction oil will rally by $5 to $10 per barrel, and as we were among the first to note, could eventually hit $100 per barrel — the latter alarming scenario dependent on how slow or fast the facilities can be brought back online.