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Page added on October 11, 2019

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Aramco: We’ll Fully Recover From Attacks By End-November

Production

Aramco will have its oil production capacity fully restored happen by the end of next month, chief executive and chairman Amin Nasser said at an industry event in London as quoted by CNBC.

A report by Reuters from late September had quoted sources familiar with the matter as saying the Saudi major had restored its oil production to levels from before the attacks on oil infrastructure on September 14, and that its capacity had been increased to 11.3 million bpd—a figure it will not use for the time being thanks to the oil production cuts. Now Saudi Arabia is saying that it will have its capacity restored to 12 million bpd—the level will bring its capabilities back to what they were before the attacks.

Oil prices spiked following the attacks on an oil field and a processing facility, which Houthi rebels from Yemen took responsibility for. But Saudi Arabia and the United States blamed it on Iran. The spike did not last long, though, not least because of those earlier assurances that production—and production capacity—would come back online quickly.

Yet there were doubts: contractors contacted by Aramco told the Wall Street Journal there was no way that the lost 5.7 million bpd in production capacity could be restored so quickly because some of the lost equipment had yet to be manufactured, delivered and installed.

Nasser’s statement will likely be negative for prices: benchmarks are on a downward swing because of growing concern about global oil demand. This concern has become so strong that traders largely brushed off news about intensifying protests in Iraq and more protests in Ecuador, which has already forced the minor OPEC producer to cut oil output.

Brent and WTI were both up at the time of writing, although moderately. The assurance of Aramco’s CEO that capacity to the tune of 12 million bpd would be fully restored by end-November is unlikely to add fuel to this climb.

By Irina Slav for Oilprice.com

 



8 Comments on "Aramco: We’ll Fully Recover From Attacks By End-November"

  1. BreakingNews.com on Sat, 12th Oct 2019 3:04 am 

    A persistent poster going by the screen name “DavyTurd Blossom” announced at a press conference that up to five billion of his brain cells could soon be facing “shortages of oxygen and vital nutrients.” As many as five billion cells located in his prefrontal cortex and cerebellum are expected to face ever escalating shortages of rational thought. Hundreds of millions more cerebral cells are at increased risk of random spastic bouts of neural activity, according to this first of its kind model examining how a freakazoid of nature like the DavyTurd Blossom can survive such harsh and unforgiving conditions.

    Researchers were shocked to discover that the DavyTurd Blossom could be alive in 2050, reports study co-author and world renown scientist, Dr. JuanP, a frequent poster at PO.com . “We know we are dependent on internet for many things but DavyTurd’s worthless opinions are not one of them,” says Dr. JuanP. “Global Modeling of this loudmouth prick-face’s contributions to the decline of PO.coms unmoderated comments are” published in the journal PO.com.

  2. Theedrich on Sat, 12th Oct 2019 4:33 am 

    The Democrat Party has gone stark raving mad.  Not that the Repubs are all that much better.  It is just that they have retreated to a state of whimpering and question-dodging, while the Dems are defecating on the walls of Congress (and the Leftist media have turned into the fæx populi ).  Both parties have contributed equally to the self-destructive squandering of the national future.  It’s called “reaching across the aisle.”  Meanwhile the Republicrat political class enriches itself beyond imagination, as the military-industrial complex gorges itself on public moneys creating light-sabers for the next war and the Lefties import more outhouselings and brain poisons from Planet 3.

    The damage done to Araby’s Abqaiq oil spigot by the Houthi attack last month is only a small harbinger of what is coming as the global economy maxes out.  “Growth” is now stalling, and within half a decade will begin its inexorable and irretrievable decline, despite all of the fancy economic tricks by the Fed and the world’s other central banks.  Small problems will appear everywhere and multiply, coagulating into massive downturns with unpredictable results.

    A barely noticeable preview:  California’s main utility company, PG&E, is now in Chapter 11 bankruptcy, and the resulting, rotating “Public Safety Power Shutoff” fun leaves the State’s citizens literally powerless for days on end.  Ultra-woke CA governor Gavin Newsom blames PG&E “corruption” for the misery, completely ignoring the role of global warming.  After all, it could not be that his State has exceeded all rational bounds of civilized governance.

    But then, Newsom is just following the Dem strategy of promising freebies to all and sundry, citizens or not.  And the masses love him for it.  Of course, he means well.  So ask not whither the Road of Good Intentions leads.

  3. JuanP on Sat, 12th Oct 2019 4:59 am 

    Two Weeks In, Impeachment Is Becoming More Popular

    https://fivethirtyeight.com/features/two-weeks-in-impeachment-is-becoming-more-popular/

  4. Last night's JuanP garbage on Sat, 12th Oct 2019 6:46 am 

    BreakingNews.com said A persistent poster going by the screen name ̶…
    Davy said “Davy Admits Billions Of his Brain cells Will “Fac…
    Davy said Thanks. I work around the clock to try to keep the…
    Davy said You know majece, I think we need parental controls…
    joe said dude, if you think that for one second that the i…
    supremacist muzzies jerk said Davy on Fri, 11th Oct 2019 6:44 pm supertard, you…

  5. Davy on Sat, 12th Oct 2019 6:47 am 

    JuanP back when you were young were your talents at being a troll driven by jealousy, resentment and env of a failed childhood? Now that you are old and in the digital age you are deadly serious about it. In fact, you are completely mad about it. You are a lunatic who is daily in the deadly serious activity of disruption and disparagement. You represent nothingness. In regards to your 18 months of attacks on me you represent victory and affirmation of what I am saying and doing is correct. Your group of extremist anti-Americans from the past are nearly gone. Not that America is something to try to defend. The American dream is dead and gone and the country in dangerous decay. What has been destroyed is the notion this is only America and your binary side of false heroes like Russia and China are rising. I have shown that all sides are going down and I have shown your finger pointing is hypocrisy. I am victorious because you cannot censor me no matte what you do. LOL. Wow, look at this little comment in comparison to last night trolling. So much effort at stupid and very little at substance. What a waste!

    “JuanP on Sat, 12th Oct 2019 4:59 am Two Weeks In, Impeachment Is Becoming More Popular”

  6. Davy on Sat, 12th Oct 2019 6:58 am 

    IMA JuanP. How’s your evacuation plans going? Don’t stay to long my freind. This shit could blow up REAL quick like. My jets all fuelled up and ready to leave at a moments notice. I even picked up new skivies fer the goat.

  7. JuanP the troll on Sat, 12th Oct 2019 7:04 am 

    When JuanP get’s pissed the ID theft starts rolling. LMFAO. JuanP has gone to the maximum of what a troll can do on an unmoderated forum and completely failed. Double lol

    Davy said IMA JuanP. How’s your evacuation plans going? Don’…

  8. Davy the troll on Sat, 12th Oct 2019 7:09 am 

    When Davy get’s pissed the ID theft starts rolling. LMFAO. Davy has gone to the maximum of what a troll can do on an unmoderated forum and completely failed. Double lol

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