New Delhi: Saudi Arabia’s oil output, which has been affected by the drone attacks last week, will be fully back in next 2-3 weeks, news agency Reuters reported citing two sources.
The report said that Saudi will restore 70% of the 5.7 million barrels per day (bpd) production lost after the attacks.
Post the drone attacks that caused major fires at two oil facilities of Saudi petroleum company Aramco, the oil-rich Kingdom has reduced over half of its oil output.
According to an official statement issued by Aramco stated that the drone attacks have suspended the production of 5.7 million barrels of crude which represents over half of Saudi Arabia’s oil output.
Later reacting to the incident, the Saudi Embassy tweeted saying, “The Joint Forces Command of the Coalition to Restore Legitimacy in Yemen: Investigations Ongoing in the Terrorist Attack Against Two Saudi Aramco Facilities to Identify Parties Involved in the Attack.”
On September 16, US President Donald Trump reacted to the incident, saying he has authorized the release of oil from the Strategic Petroleum Reserve.
“I have also informed all appropriate agencies to expedite approvals of the oil pipelines currently in the permitting process in Texas and various other States,” Trump said.
Indian Petroleum Minister Dharmendra Pradhan on September 16 also reacted to the incident and said India will not face any disruption in oil supply.
“Following the attacks on the oil stabilization centres of Saudi Aramco, top executives of Aramco have been contacted. Indian ambassador in Riyadh contacted the senior management of Aramco to ensure a steady supply to India. We have reviewed our overall crude oil supplies for the month of September with our Oil Marketing Companies (OMCs)”, Pradhan said.
On September 14, major fires broke out at two facilities in Saudi Arabia‘s state-run oil producer Saudi Aramco after they were hit by drones, the Interior Ministry of the country had informed.
Last month, a similar attack that was carried out by Yemen’s Huthi rebels, sparked fire at Aramco’s Shaybah natural gas liquefaction facility.