Weeks after airstrikes had damaged two major oil facilities which knocked down half of the oil output, Saudi Arabia‘s energy minister Prince Abdulaziz bin Salman said that the country has restored its oil output.
The attacks came in the same week when Saudi Aramco was focused on listing itself in order to reform the economy. Saudi Arabia had used its oil inventory as well as increased production from other facilities in order to offset the losses which had occurred.
According to a report in Moneycontrol, the energy minister said, “The kingdom’s crude oil production capacity is now 11.3 million barrels per day.” The attacks on its oil facilities had seen an impact on global oil prices and had affected five per cent of the global oil supply.
Saudi Aramco is the kingdom’s oil company which is one of the biggest companies in the world in terms of revenue. It has been one of the most profitable enterprises for the kingdom. The Kingdom now has shifted its focus on ensuring that the listing of the company goes as plan and without any setbacks.
The attacks had caused a hurdle in the plans of the listing and tried to damage the goodwill of the company. Prince Abdulaziz bin Salman according to a statement had said, “We have stabilised production capacity, we are at 11.3 (million BPD)… We still have the kit and the tools to overcome any future challenges.”
(Inputs from agencies)