Friday 5 June 2020

Prince Abdulaziz

Saudi to fully restore oil production by month-end

JEDDAH, September 17, 2019

Saudi Arabia will fully restore its oil output by this month end after weekend attacks halved output, reports quoted the kingdom's energy minister as saying.
Prince Abdulaziz bin Salman told a press conference in Jeddah that half of the production knocked out by the attacks was already back up and running. He said the Kingdom had dipped into its stored reserves to ensure supply continued as normal, said an Arab News report.
The kingdom will achieve 11 million barrels per day (bpd) capacity by the end of September, 
 and 12 million bpd by the end of November, Prince Abdulaziz bin Salman told a press conference in Jeddah, according to a Reuters report.
"Over the past two days we have contained the damage and restored more than half of the production that was down as a result of the terrorist attack," said the minister.
"I have good news for you... the oil output to international markets is back to what it was before the attack," he said.
He said oil production in October would be 9.89 million bpd and that the world’s top oil exporter would keep full oil supplies to customers this month.
Prince Abdulaziz said Saudi Arabia would keep its role as the secure supplier of global oil markets, adding that the kingdom needed to take strict measures to prevent further attacks.
Prince Abdulaziz's comments sent oil prices down by nearly 6% just a day after their biggest jump in history.
Preparations for Saudi state oil giant Aramco’s highly anticipated initial public offering (IPO) will also continue apace, Aramco chairman Yasir al-Rumayyan said, sitting beside the energy minister.
The attacks on Saturday on the Abqaiq processing plant and Khurais oil field halved the kingdom's output and shut off about five percent of global oil output.


More Energy, Oil & Gas Stories

calendarCalendar of Events