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
BP’s Kate Thomson Promoted to CFO, Joins Board
2024-02-05 - Before becoming BP’s interim CFO in September 2023, Kate Thomson served as senior vice president of finance for production and operations.
Magnolia Oil & Gas Hikes Quarterly Cash Dividend by 13%
2024-02-05 - Magnolia’s dividend will rise 13% to $0.13 per share, the company said.
TPG Adds Lebovitz as Head of Infrastructure for Climate Investing Platform
2024-02-07 - TPG Rise Climate was launched in 2021 to make investments across asset classes in climate solutions globally.
Air Products Sees $15B Hydrogen, Energy Transition Project Backlog
2024-02-07 - Pennsylvania-headquartered Air Products has eight hydrogen projects underway and is targeting an IRR of more than 10%.
HighPeak Energy Authorizes First Share Buyback Since Founding
2024-02-06 - Along with a $75 million share repurchase program, Midland Basin operator HighPeak Energy’s board also increased its quarterly dividend.