Saudi Arabia to restore full oil output by next week
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Saudi Arabia has restored around 75 per cent of crude output lost after attacks on its facilities and return to full volumes by early next week, a source briefed on the latest developments told Reuters on Monday.
Oil fell below $64 a barrel on Monday, reversing an earlier gain, pressured by the prospect of a faster-than-expected full restart of Saudi Arabian oil output and by fresh signs of European economic weakness.
Saudi’s oil production from Khurais is now at more than 1.3 million bpd, while current production from Abqaiq is at about 3 million bpd, the source said.
The attacks on both Khurais and Abqaiq plants, some of the Kingdom’s biggest facilities, knocked down 5.7 million bpd, or more than half of the Kingdom’s oil production. Saudi officials have said the output will be fully back online by the end of September.
A handout photo made available by the US Government and DigitalGlobe shows the aftermath of an alleged drone attack on the Khurais oil field in eastern Saudi Arabia, 15 September 2019. EPA-EFE/US GOVERNMENT / DIGITALGLOBE HANDOUT HANDOUT EDITORIAL USE ONLY/NO SALESA handout photo made available by the US Government and DigitalGlobe shows the aftermath of an alleged drone attack on the Abqaiq oil field in eastern Saudi Arabia, s. EPA-EFE/US GOVERNMENT / DIGITALGLOBE HANDOUT
