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Tue 24 Sep 2019 11:15 AM

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Saudi Arabia says 75% of oil production at attacked plants restored

The Khurais facility is now producing over 1.3 million barrels per day, while the Abqaiq plant is producing approximately 3 million

Saudi Arabia says 75% of oil production at attacked plants restored
Various analysts have also said they are sceptical that Saudi Arabia will be able to meet its​ targeted time to complete the repairs.

Saudi Arabia has restored over 75 percent of the production lost after recent drone and missile attacks on two facilities in the kingdom and expects to return to full capacity next week, according to local media reports.

According to sources quoted by Arab News, the Khurais facility is now producing over 1.3 million barrels per day, while the Abqaiq plant is producing approximately 3 million. Both facilities were damaged by the attacks that took place on September 14.

On Monday, Saudi Arabia's King Salman said that the kingdom was capable of managing the impact of what he called a "cowardly sabotage, that targeted the kingdom and the stability of global energy supplies."

The Arab News report stands in contrast to other media reports which have said that repairs at the facilities may take much longer.

Earlier this week, for example, the Wall Street Journal reported that full repairs may take "many months", as opposed to Saudi promises that full production would be achieved again in 10 weeks.

The WSJ story reported that officials are privately holding emergency talks on the repairs, which could cost hundreds of millions of dollars.

“We are still in a frantic search for spare parts,” an anonymous Saudi official was quoted as saying. The situation is not “as rosy as you might think,” the official said.

Various analysts have also said they are sceptical that Saudi Arabia will be able to meet its​ targeted time to complete the repairs.

“People are going to be constantly looking for any signs that Saudi production is coming or going,” said Bob Yawger, director of the futures division at Mizuho Securities USA, was  quoted as saying by Bloomberg.

While Yemen's Houthi rebels have claimed the attacks, US, Saudi, British and European officials have placed the blame squarely on Iran. Iranian government officials, for their part, deny any involvement.

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