Saudi Energy Minister Says Oil Production to Be Fully Restored by End of Month

Saudi Arabia’s energy minister said the Kingdom will have restored its oil production by the end of the month after attacks on two major Aramco facillites, Arab News reported.

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.

“I have good news for you… the oil output to international markets is back to what it was before the attack,” he said. “During the past two days the damage was contained and 50 percent of the production has been recovered. Production will be back to normal by the end of September.”

The Prince said Saudi Arabia would keep its role as the secure supplier of global oil markets.

“Where would you find a company in this whole world that went through such a devastating attack and came out like a phoenix?” he said

Oil prices dropped about six percent Tuesday after the energy minister’s comments, steadying markets that had jumped amid concerns of supply and instability in the region.

The attacks on Saturday on the Abqaiq processing plant and Khurais oil field halved the Kingdom’s production and shut off about five percent of global oil output.

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, according to Prince Abdulaziz. “Oil production in October would be 9.89 million bpd and the world’s top oil exporter would keep full oil supplies to customers this month,” he said.

He 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.

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