Aramco to recover production by end of September

Aramco to recover production by end of September

2019/09/21 | 22:50 - Source: Baghdad Post

(ThisDay | Iraq News Now)- 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.

Read all text from Baghdad Post

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