The Globe and Mail reports in its Wednesday edition that Saudi Arabia will restore its lost oil production by the end of September and has recovered supplies to customers to the levels they were at prior to weekend attacks on its facilities by drawing from its huge oil inventories. A Reuters dispatch reports that
Energy Minister Prince Abdulaziz bin Salman said on Tuesday that average oil production in September and October would be 9.89 million barrels a day (b/d) and that the world's top oil exporter would ensure full oil supply commitments to its customers this month.
"Over the past two days, we have contained the damage and restored more than half of the production that was down as a result of the terrorist attack," Prince Abdulaziz told a news conference in Jeddah. He said the kingdom would achieve 11 million b/d capacity by end of September and 12 million b/d by end of November.
"Oil supplies will be returned to the market as they were before 3:43 a.m. Saturday," he said, adding that state oil giant Aramco had emerged "like a phoenix from the ashes" after the attack. Saturday's attack shut down 5.7 million b/d, which is more than half of Saudi Arabia's production, or 5 per cent of global output.
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