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Home / World / Saudi Arabia reduces oil production after drone strikes by 5 million barrels

Saudi Arabia reduces oil production after drone strikes by 5 million barrels



Five million barrels of crude oil per day are affected after fires broke out at the sites, one of the world's largest oil production facilities. The latest OPEC figures from August 2019 put Saudi's total production at 9.8 million barrels per day.

According to one source, Aramco hopes to restore capacity within a few days.

The Saudi Ministry of Interior confirmed the drone attacks caused fires in the two facilities. In a statement released on Twitter, the ministry said the fires are under control and that the authorities are investigating, founding director of the Center for Global Energy Policy at Columbia University, said in a statement.

The development comes when Saudi Aramco takes steps to go public, which could be the world's largest IPO. Aramco met with great interest with its first international bond sale in April. It has commissioned an independent review of the kingdom's oil reserves and has started to publish the results. Over the past two weeks, the Kingdom has replaced its Secretary of Energy and the chairman of Aramco.
Saudi Arabia, the world's largest oil exporter, has reduced its production prices as part of OPEC's efforts to increase its production of crude oil and other energy products. Saudi Arabia produces about 1
0% of the world's total supply of 100 million barrels a day.

The International Energy Agency announced on Saturday to monitor the situation in Saudi Arabia. "We are in contact with Saudi authorities, major producer and consumer nations, and markets are currently well stocked with abundant commercial stocks," Twitter said.

If the disruption in Saudi Arabia lasts longer, "sanctioned Iran shipments are another source of potential additional oil," Bordoff said. "But [US President Donald] Trump has already shown that he's ready to run a campaign with maximum pressure, even as oil prices rise, and if anything, the risk of a regional escalation that drives oil prices even higher is considerable gone up." 19659002] Oil prices fell on Friday, with Brent crude falling 0.3% and standing at $ 60.22 a barrel.


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