The September 14 attack on Saudi Arabia’s largest oil-producing plant Aramco has surged the global oil prices by around 10% per barrel. The Iran backed Houthi rebel took the responsibility of the attack. Production of around 5.7 million barrels of oil a day is halted as a result of the attack. India, the 3rd largest importer of crude oil in the world is set to face the brunt of this surge in oil prices. This would further the weakening of rupee against the dollar.
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