Saudi Arabia has restored its oil production capacity to 11.3 MMbbl/d, three sources briefed on Saudi Aramco's operations told Reuters, maintaining a faster than expected recovery after the Sept. 14 attacks on its oil facilities.
Crude output from the Khurais field is now at 1.3 MMbbl/d and the Abqaiq plant is currently at about 4.9 MMbbl/d, the sources said. On Monday, sources had said Abqaiq production was about 3 MMbbl/d.
The Sept. 14 attacks on the two plants caused a spike in oil prices, fires and damage that halved the crude output of the world's top oil exporter, by shutting down 5.7 MMbbl/d of production.
Saudi Energy Minister Prince Abdulaziz bin Salman and the chief executive of state oil company Aramco, Amin Nasser, have said output will be fully back online by the end of September.
The attacks initially sent oil prices up 20% although they dropped soon after as the kingdom pledged to bring back output swiftly. On Wednesday, crude was down over $1 a barrel to around $62.
The kingdom has managed to maintain supplies to customers at levels prior to the attacks by drawing from its huge oil inventories and offering other crude grades from other fields, Saudi officials said.
Recommended Reading
FERC Approves Extension of Tellurian LNG Project
2024-02-19 - Completion deadline of Tellurian’s Driftwood project was moved to 2029 and phase 1 could come online in 2027.
Segrist: The LNG Pause and a Big, Dumb Question
2024-04-25 - In trying to understand the White House’s decision to pause LNG export permits and wondering if it’s just a red herring, one big, dumb question must be asked.
Dispatch from the LNG Front: Development Not ‘Paused’ so much as Slowed
2024-04-04 - Analysts: Low prices may stall upcoming gas gathering projects that are needed for an expected boom.
Silver Linings in Biden’s LNG Policy
2024-03-12 - In the near term, the pause on new non-FTA approvals could lift some pressure of an already strained supply chain, lower both equipment and labor expenses and ease some cost inflation.
CERAWeek: Sens. Manchin, Sullivan Say LNG Pause Needs to be Paused
2024-03-20 - U.S. Sens. Joe Manchin and Daniel Sullivan argued against the recent LNG pause announced by U.S. President Joe Biden, saying it creates doubts among allies and creates an opening for competitors as well as U.S. rival Russia.