Saudi Aramco will fully restore its production capacity by the end of September, the President and CEO of Saudi Arabia’s oil and gas giant announced, in light of the Saturday’s drone attacks that caused disruptions on around half of the country’s oil capacity.
Speaking to media in Jeddah during a news conference Tuesday, Mr. Amin Nasser noted that these synchronized attacks were timed to create maximum damage to the company’s operations, but the company’s response showed its preparedness to deal with these threats.
During the news conference, it was disclosed that production at Khurais resumed 24 hours after the attack.
Meanwhile, Mr. Nasser stated that production at Abqaiq is currently 2 million barrels per day and its entire output is expected to be restored to prior rates by the end of September.
The Company adjusted deliveries and shipments to customers by drawing on inventories and offering additional crude production from other fields.
Not a single shipment to an international customer has been or will be missed or canceled as a result of these attacks. We have proven that we are operationally resilient and have confirmed our reputation as the world’s leading supplier. The Company has met its commitments to its International customers, even in challenging situations, including past Gulf conflicts,
…Mr. Nasser said.
The subject of the Company’s Initial Public Offering was also discussed during the news conference and Mr. Nasser said the company is ready and will proceed with the IPO when the shareholder takes the decision.
This comes as energy research firm Rystad forecasts that the bullish reaction in oil prices will likely be limited by Saudi Arabia’s vast quantities of crude in storage, following the attacks.
