Restoring Saudi Oil Production Could Take Weeks

Restoring Saudi Oil Production Could Take Weeks

It could take weeks before Saudi Arabia restores its full oil production capacity after two Aramco oil plants were subject to drone attacks, Reuters reported.

Attacks on Aramco’s largest Saudi oilfields in Khurais and the world’s biggest crude processing facility at Abqaiq have partially halted the company’s production, reducing Saudi oil output by more than half, specifically around 5.7 million barrels per day (b/d), which makes for about 5% of global oil supply, according to industry sources.

There were no casualties from the attacks, according to Saudi Aramco CEO Amin Nasser.

Meanwhile, market forecasts expect a hike in global crude prices by around $5-10 per barrel, according to CNBC, due to the supply shortage that could take about three weeks to restore.



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