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Tuesday 20th March 2018

Aramco to Restore Full Production Capacity by End of November: CEO

Business

7Dnews London

Wed, 09 Oct 2019 15:13 GMT

Saudi Aramco CEO Amin Nasser on Wednesday October 9th said that the world’s largest oil company will restore full production capacity at 12 million barrels per day by the end of November, Reuters reported.

Addressing the Oil and Money Conference in London, Nasser said that the attacks on oil facilities linked to the company in September at Abqaiq and Khurais in the eastern Kingdom led to the reinforcement of the company’s position towards an initial public offering.

Prince Abdulaziz bin Salman, named as Saudi Minister of Energy in September, said on Thursday October 3rd that the Kingdom managed to restore its full oil production capacity, telling a conference in Moscow that Saudi Arabia’s current capacity stands at 11.3 barrels per day.

The energy minister said the Kingdom is now focusing on the listing of the state oil giant, after the attacks that attempted to damage the image of the Kingdom as "a reliable, secure and dependable oil supplier," Asharq Al-Awsat reported.

Both Saudi Arabia and the United States have blamed Iran for drone attacks on the Saudi oil facilities on September 14th. The attacks caused production cuts by 5.7 million barrels per day, Saudi Press Agency cited Nasser as saying following the incident.

A week after the attack, Saudi Arabia’s Minister of State for Foreign Affairs and member of the Council of Ministers, Adel Aljubeir said that investigations revealed that the weapons used in the attack were Iranian, adding, in a conference in Riyadh, that the Kingdom had been targeted by over 260 Iranian-made ballistic missiles and more than 150 drones.


Middle East