Oil production to be fully restored by Sept.-end: Saudi Aramco CEO

Company’s Abqaiq and Khurais plants were hit by drone attacks on Saturday, severely curtailing production capacity

Saudi Aramco will be able to fully restore production capacity by the end of September, the company’s president and CEO Amin Nasser said on Tuesday.

Saudi Aramco’s Abqaiq and Khurais plants were hit by drone attacks on Saturday, severely curtailing their production capacity. Global oil prices shot up by about 20% following the attack.

“These synchronised attacks were timed to create maximum damage to our facilities and operations,” Mr. Nasser said at a press conference in Jeddah. “The rapid response and resilience demonstrated in the face of such adversity shows the company’s preparedness to deal with threats aimed at sabotaging Aramco’s supply of energy to the world.”

It was also revealed during the press conference that production at Khurais resumed 24 hours after the attack. Mr. Nasser said that production at Abqaiq was currently 2 million barrels per day and its entire output was expected to be restored to prior rates by the end of September.

“Not a single shipment to an international customer has been or will be missed or cancelled as a result of these attacks,” Mr. Nasser said. “We have proven that we are operationally resilient and have confirmed our reputation as the world’s leading supplier. The company has met its commitments to its international customers, even in challenging situations, including past Gulf conflicts.”