Saudi energy minister says, Oil supply fully back on track

JEDDAH: Saudi Arabia’s oil supply is fully back online after weekend attacks halved output and 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, the Energy Minister Prince Abdulaziz Bin Salman told in a press conference on Tuesday. Aramco Chairman Yasir Al-Rumayyan and CEO Amin Nasser were also present during the press conference, he said that 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 in the past two days Aramco was able to recover 50% of the crude oil lost and exports would be normal.

Energy Minister Prince Abdulaziz Bin Salman 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, who conveyed to the gathering the glad tidings from Custodian of the Two Holy Mosques King Salman and Crown Prince Muhammad Bin Salman on restoration of petroleum supplies to the market earlier levels, said the attacks on Saudi Arabia impacted global markets. “Even consumers who do not purchase oil from the Kingdom were hit,” said the energy minister, adding that “supply has returned to the same output as before 03:43 (AST) on Saturday (before the attacks).”

Prince Abdulaziz also called on international community to take strong action against the latest attack on the global economy and energy markets. He added: “UN investigators are expected to come to Saudi Arabia to uncover who is behind the attack on the Kingdom’s oil facilities.”

CEO Aramco Amin Nasser said the attacks have made Saudi Aramco stronger. The company they took less than seven hours to extinguish fires after the attack and it contained 10 fires in less than seven hours. Nasser also emphasized that repair work will be completed by the end of the month, adding, “The size of repair work is not that significant given Aramco’s size.” Saudi Aramco CEO said, “What happened is a testament that Aramco is the most reliable company in the world, and despite the worst conditions we can rebound in matter of days.

It is reminded on Tuesday, Saudi Aramco had allowed its employees to re-enter the Abqaiq oil-processing facility for the first time since Saturday’s attacks.

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