KSA: Aramco set to regain full production capacity end of November

Daniel Fowler
October 12, 2019

The crown prince has indicated that he wants a valuation of $2 trillion, though analysts and Aramco officials have valued Aramco at closer to $1.5 trillion.

At the beginning of the current month, the enormous Saudi oil company restored its production at the level prior to the attacks and processed 9.7 million units daily.

"An absence of worldwide resolve to take concrete action may embolden the attackers and indeed put the world’s energy security at greater risk", said Aramco CEO Amin Nasser, speaking at the Oil & Money industry conference in London. "It's instigated by Iran for sure, there's no doubt", Nasser said.

Yemen's Houthi revolutionary on Saturday took in charge of the attacks, saying 10 drones aimed state-owned Saudi Aramco oil provision in Abqaiq and Khurais, as claimed by the Houthi-run Al-Masirah news agency.

Riyadh blamed adversary Iran for the strikes, a charge Tehran denied.

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The Los Angeles Unified school district closed at least 15 schools and said bus service throughout the district would be delayed. Parts of those freeways remained closed during the Friday morning commute along with portions of the 14, 118 and 405 freeways.

Saudi Arabia has maintained supplies to customers at levels seen before the attacks by drawing from its huge oil inventories and offering crude grades from other fields.

Saudi officials have said the September 14 strike would not affect state finances or growth, but investors and analysts said they could have a long-term impact on ambitious plans to diversify the Saudi economy and attract foreign capital.

Aramco is poised to release its prospectus October 25 in Arabic, and follow up with an English version two days later, sources told WSJ.

Showing resilience, Aramco said it has restored the lost production as planned and is on track to continue meeting its target to regain its maximum oil production capacity of 12 Mmbpd by the end of November.

Earlier, Saudi Energy Minister Prince Abdulaziz bin Salman had reported that the Kingdom's total capacity had already stood at 11.3 million barrels per day.

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