Latest NewsGulf

Saudi Arabia restores full oil output after attacks : Report

Saudi Arabia has fully restored oil output after attacks on its facilities last month and is now focused on the listing of state oil giant Saudi Aramco, its energy minister Prince Abdulaziz bin Salman said on Thursday.
The kingdom’s crude oil production capacity is now 11.3 million barrels per day, he said, adding that the attacks, which halved the crude output of the world’s top exporter, were an attempt to ruin Saudi Arabia’s reputation as “a reliable, secure and dependable oil supplier”.

“We all rose to the challenge,” he told a Moscow energy conference.

The Sept. 14 attacks targeted the Abqaiq and the Khurais oil plants, causing a spike in oil prices, fires and damage and shutting down 5.7 million bpd of production, or more than 5% of global oil supply.

Saudi Arabia has managed to maintain supplies to customers at levels before the attacks by drawing from its huge oil inventories and offering other crude grades from other fields, Saudi officials have said.

“We have stabilised production capacity, we are at 11.3 (million bpd)… We still have the kit and the tools to overcome any future challenges,” Prince Abdulaziz said.

Tags

Post Your Comments


Back to top button
Close