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Saudi Arabia: We will regain full oil production by the end of September

rocky
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Saudi - Saudi Arabia: We will regain full oil production by the end of September Empty Saudi Arabia: We will regain full oil production by the end of September

Post by rocky on Wed 18 Sep 2019, 2:18 am

Saudi Arabia: We will regain full oil production by the end of September

Saudi - Saudi Arabia: We will regain full oil production by the end of September 17141






Economy News _ Baghdad
Saudi Arabia is regaining its oil production losses by the end of September after it managed to bring crude supplies back to pre-weekend levels on two facilities by drawing from its huge oil reserves.
Energy Minister Prince Abdulaziz bin Salman said oil production would average 9.89 million bpd in September and October and that the world's top crude exporter would provide customers with full oil supplies this month.
Told a press conference in the city of Jeddah on the Red Sea "during the past two days to contain the damage and recover more than half of the production that has been delayed as a result of this sabotage blatant."
He said that the kingdom will reach energy to 11 million barrels per day by the end of September and 12 million barrels per day by the end of November The second.
He spoke of "the return of oil supplies to what they were before 3 and 43 minutes… last Saturday," adding that the national oil giant Aramco rose "like a phoenix from the ashes" after the attack.
He was referring to Saturday's attacks on Saudi Aramco's facilities at Abqaiq and Khurais, including the world's largest oil processing plant, which halted half of Saudi Arabia's production, equivalent to 5 percent of global production.
Aramco's chief executive, Amin al-Nasser, said the company, which is preparing for an initial public offering (IPO), was still assessing repair work but was "not large", relative to the size of the company.
"We will return to our (production) level before the attacks on our facility by the end of September," Nasser told the news conference.
He said Aramco had put out 10 fires in less than seven hours after the “massive” attack.
He said that the company is working to return the oil refining capacity to its full capacity and that there are enough products to supply the local markets. He said Aramco's crude oil inventories exceeded 60 million barrels.
Speaking at the same press conference, Aramco Chairman Yasser Al-Rumayyan said the IPO would be ready within the next 12 months and that the Kingdom was committed to listing.
Al-Rumayyan said the IPO was "continuing as it is" despite the weekend attacks and the timing would depend on market conditions.
Prince Abdul Aziz said Riyadh did not yet know who the attacks were or what their purpose was, adding that Saudi Arabia would maintain its role as a safe supplier to global markets. He said tougher measures were needed to prevent further attacks, but gave no details.


    Current date/time is Fri 18 Sep 2020, 5:21 am