Saudi Arabia Restores Oil Supply Capacity: Minister

Saudi Arabia Restores Oil Supply Capacity: Minister

Saudi oil supply is fully back online, recovering from recent drone attacks that targeted facilities in Khurais and Abqaiq, the Saudi Minister of Energy, Prince Abdulaziz bin Salman told reporters.

Saudi Arabia will restore production capacity of 11 million barrels per day (b/d) by the end of September, before reaching 12 million b/d by the end of November, the minister revealed in a press conference.

For September and October, average oil production will stand at 9.89 million b/d, the minister stated, stressing Saudi Arabia’s commitment to fully meet its contractual obligations and agreed oil loadings.

Bin Salman further emphasized that there will be no urgent meeting for the Organization for Petroleum Exporting Countries (OPEC).

Meanwhile, the Chairman of Saudi Aramco, Yassir Al-Rumayyan, said that that company’s initial public offering (IPO) will be ready within the next 12 months, indicating no plans to cancel or halt the highly-anticipated IPO.


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