Saudi energy minister: Supply is back to pre-attack rates

The press conference follows Saturday’s attacks on Saudi Aramco’s oil-processing facilities. (File photo: AFP)

[22:37]: Analysis - “It is clear that most media reports and analysts’ statement regarding inability to restore production were wrong,” says energy economist and managing partner at Texas-based Energy Outlook Advisors, Anas Alhajji.

[21:29]: Saudi Arabia's oil reserves will be restored by the end of the month, after it has tapped them to maintain supply, says Aramco CEO Amin Nasser.

[21:20]: The attack will not cause any delay in the Aramco IPO, says the company's Chariman Yasir al-Rumayyan.

[21:15]: The attacks on Saudi Arabia impacted global markets, even consumers who do not purchase oil from the Kingdom, said Saudi Arabian Energy Minister Prince Abdulaziz.

[21:11]: Aramco's IPO will happen anytime within the next 12 months, al-Rumayyan added.

[21:06]: The attacks will not stop Aramco's preparations for the upcoming initial public offering (IPO), says Chairman Yasir al-Rumayyan.

[21:04]: Aramco CEO Amin Nasser says the company took less than seven hours to extinguish fires after the attack.

[20:55]: Saudi oil output will be 9.8 million barrels per day in October, says Prince Abdulaziz bin Salman.

[20:52]: Prince Abdulaziz bin Salman calls on international community to take strong action against the latest attack on the global economy and energy markets.

[20:50]: Saudi Arabia will maintain full oil supply to its customers this month and production will reach 11 million barrels per day by the end of September.

[20:48]: Prince Abdulaziz bin Salman says petrol supply has returned to the same output as before 03:43 (AST) on Saturday (before the attacks).

 

Overview

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman is holding a press conference following Saturday’s attacks on Saudi Aramco’s oil-processing facilities.

The CEO and Chairman and Aramco are both due to attend too.

The attacks interrupted the supply of an estimated 5.7 million barrels of crude oil per day - around five percent of global supply - and two billion cubic feet of gas.

The strikes on Saudi Arabia have been claimed by the Iran-backed Houthi militia in Yemen. However, the scope and precision of the drone attacks show they were launched from a west-northwest direction rather than from Yemen to the south, senior US administration officials said on Sunday.

The Saudi-led Arab Coalition battling the Houthi militia also confirmed on Sunday that its investigations indicated the weapons used in the attack were Iranian.

Oil prices have surged nearly 15 percent after the attack. Saudi Arabian authorities have pledged to use the Kingdom’s oil reserves to compensate for any disruption in supply to its customers.

The Kingdom has been able to restore a third of its oil production that had been lost as a result of Saturday’s attacks on its key oil-processing facilities, according to Refinitiv tracking data seen by Al Arabiya English on Monday.
 

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Last Update: 06:53 KSA 09:53 - GMT 06:53
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