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Aramco to recover production by end of September

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Saudi Aramco reiterated its commitment by the end of the month to return manufacturing to its complete capacity.

It will restore 5.7 million barrels per day, the quantity knocked out by latest assaults on the oil installations of the kingdom, said Chief Executive Officer Amin Nasser.

 

“We will continue to fulfill our mission of providing the energy the world needs,” Nasser said in a message to employees commemorating Saudi Arabia’s national day. Aramco hasn’t missed any customer shipments, he said, according to Gulf News.

 

The attack by drones and missiles disabled 5% of global supply, and was the single-biggest sudden disruption to oil markets on record. There’s concern among traders over how long it will take the world’s biggest crude exporter to fully restore lost production as it depletes inventories to meet supply commitments and operates without its usual buffer of spare capacity.


Brent rose 6.7% in the five days through Friday, the largest weekly gain since January, while West Texas Intermediate oil registered the biggest weekly rise since June.


Donald Trump’s administration has blamed Iran for the attack and responded by imposing further sanctions on Tehran. The U.S. also revealed plans to send a “moderate” number of American troops to the Middle East and additional missile defense capabilities to Saudi Arabia.


While Saudi Arabia said the attacks were “unquestionably sponsored by Iran,” it stopped short of saying the strikes were launched directly from or by Iran.

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