Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman on Tuesday said that the Kingdom would restore its lost oil production by the end of this month.
The Kingdom has managed to recover supplies to customers to the levels they were at prior to weekend attacks on its facilities by drawing from its huge oil inventories, he added.
Speaking at a press conference in Jeddah, the minister said that the average oil production in September and October would be 9.89mn barrels per day (bpd) and that the world’s top oil exporter would ensure full oil supply commitments to its customers this month.
“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,” he said and added that they would be at 11mn bpd capacity by the end of this month and 12mn bpd by end of November.
Adding that supplies will be going back to as they were before the Saturday incident, he added that the state oil giant Aramco had risen “like a phoenix from the ashes” after the attack.
The attack on Saudi Aramco’s Abqaiq and Khurais plants on Saturday shut down 5.7mn bpd, which is more than half of the Kingdom’s production and 5% of the global output.
Also speaking at the conference, Aramco’s Chief Executive Amin Nasser as saying that the Aramco’s IPO would be ready within the coming 12 months and that the Kingdom was committed to the listing.
Meanwhile, rising oil prices calmed down early on Wednesday, reassured by statements from the Saudi minister. At the time of filing, Brent crude futures dipped 0.% to $64.50 a barrel, having conceded more than 60% of their gains made after the weekend attack on Saudi oil facilities. U.S. West Texas Intermediate (WTI) crude lost 0.5% to $59.06 per barrel, compared to the o four-month peak of $68.38 marked on Monday.
Earlier, Dubai Mercantile Exchange had revealed that the price of Omani crude rose from $59.25 to $64.56 on Sept.16 and then rose to $68.44 on Sept. 17.