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The Saudi energy minister says the oil supply is back online



Simon Dawson | Bloomberg | Getty Images

Saudi oil exploration will be fully online again by the end of September, UK's Energy Secretary Prince Abdulaziz bin Salman told the media during a news conference in Jeddah on Tuesday with the biggest leap in history.

The world's largest oil processing plant and the heartbeat of the Saudi Arabian energy industry were hit by drone strikes on Saturday morning, which excluded half of OPEC's production capacity.

Fifty percent of oil production According to Salman, production capacity has increased in the last two days to 1

0 million barrels of crude oil per day (bpd) by the end of September and to 12 million barrels of crude oil per day by the end of November.

Preparations for the eagerly awaited IPO of Saudi oil giant Aramco are also continuing swiftly, said Aramco Chairman Yasir al-Rumayyan, next to the Energy Minister.

"The IPO of Aramco will continue as usual." It will be ready anytime in the next 12 months, "al-Rumayyan said.

According to reports, the UK plans to acquire 1% of Aramco before the end of this year local stock market to note and another 1% in 2020 as the first steps before a public sale of about 5% of the largest company in the world.

attacks threaten the global oil supply.

Abqaiq in the Eastern Province of Saudi Arabia and The nearby Khurai oil field, the second largest in Saudi Arabia, suffered a fire damage on Saturday, closing the daily crude oil production of 5.7 million barrels, or 50% of the Kingdom's oil production or 5% of world oil production.

Amin Nasser , CEO of Saudi Aramco, said at the press conference that despite the "big" oil attack, the company was able to restore capacity.

"We have had enough Oil products to serve the local market, "Nasser said, adding that Aramco would provide additional supplies to local refineries in the next few days.

Abqaiq is the world's largest oil processing and stabilization plant for crude oil with a processing capacity of more than 7 million barrels per day (bpd). Khurais has a capacity of around 1.5 million bpd.

In August, Saudi Arabia produced 9.85 million bpd, well below the target of a production cut that it had co-ordinated with other OPEC and non-OPEC members to boost crude oil prices at a global low. Demand environment.

The geopolitical risk premium has returned to the markets, according to industry experts, leading to a more optimistic longer-term outlook as commodity inventories need to be reduced immediately. The price outlook and investor confidence in Aramco's highly anticipated IPO – the biggest in history – is heavily dependent on how quickly the Saudis can restore full production capacity.

A senior S & P Global analyst told CNBC on Monday that the attack "effectively removes the world's spare capacity".

While the Houthi rebels of Yemen, who have been at war with the Saudis since 2015, took responsibility for the attack, numerous officials and analysts point to Tehran. US Secretary of State Mike Pompeo blamed Iran via Twitter for the attack, stating, "Iran has now launched an unprecedented attack on the world's energy supply, with no evidence that the attacks came from Yemen." meaningless and meaningless.

Correction: The headline has been revised to correct that the Saudi Energy Minister said full oil production would be restored by the end of September, an earlier headline was misinformed when he said that it would be completely restored.

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