Saudi Oil to Return to Full Production by September, Aramco Vows

(Bloomberg) -- Saudi Aramco reiterated its commitment to bringing production back to its full capacity by the end of the month.

The company will restore 5.7 million barrels per day, said Chief Executive Officer Amin Nasser, the amount that was knocked out by recent attacks on the kingdom’s oil facilities.

“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.

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.

Saudi Oil to Return to Full Production by September, Aramco Vows

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 the Islamic Republic.

©2019 Bloomberg L.P.

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