ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailMenu BurgerPositive ArrowIcon PrintIcon SearchSite TitleTitle ChevronIcon Twitter
Energy

Saudi oil production to recover within the month, minister says

Saudi Aramco's chairman affirms IPO will take place in 12 months

Prince Abdulaziz bin Salman, Saudi Arabia's energy minister, offered assurances that clients will receive the petroleum they ordered for this month.   © Reuters

RIYADH -- Saudi Arabia's oil production will return to full capacity by the end of the month following the attack on facilities over the weekend that cut output by more than half, the country's energy minister said Tuesday evening.

Daily capacity will be restored to 11 million barrels at the end of September, the minister, Prince Abdulaziz bin Salman, told reporters in the Saudi port city of Jeddah. This figure will rise to 12 million barrels by the end of November, he added.

The temporary drop in production will not impact exports greatly, bin Salman said, adding that clients will receive the petroleum they ordered for this month. The supplies will come from reserves and other oil fields.

Saudi oil facilities sustained missile and drone strikes Saturday that cut the output of state-owned Saudi Arabian Oil, or Saudi Aramco, by 60% to 5.7 million barrels. It is not known who carried out the attack, bin Salman said. Yemen's Iran-aligned Houthi rebels have claimed responsibility, but Tehran is suspected in the attack.

Saudi Aramco CEO Amin Nasser said at Tuesday's news conference that the company remains reliable in fulfilling client demands. Chairman Yasir al-Rumayyan, who sat at the news conference beside bin Salman, said the company will carry out its long-awaited initial public offering within 12 months, countering rumors that the IPO has been suspended.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Get Unlimited access

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends October 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media