Saudi Minister of Energy: The return of oil supplies to the market as it was previously


Saudi Minister of Energy, Prince Abdulaziz bin Salman bin Abdulaziz, announced the return of petroleum supplies to what they were before 3:43 minutes due to the sabotage work on the oil facilities in Abqaiq and Khurais of Saudi Aramco last Saturday.

In a press conference held today in Jeddah, the Saudi minister explained the efforts exerted to enable the Saudi oil industry to overcome the impact of this sabotage, which resulted in the interruption of about 5.7 million barrels per day of crude oil production, including 4.5 million barrels per day from the Abqaiq plants where production is processed. From several fields, production of about 2 billion cubic feet of associated gas was disrupted, about 1.3 billion cubic feet of dry gas, 500 million cubic feet of ethane, and about half a million barrels of gas liquids.

Prince Abdul Aziz bin Salman bin Abdulaziz said that the cut represents about half of the Kingdom’s crude oil production, equivalent to about 6% of the world production, pointing out that during the past two days the damage was contained and more than half of the production was recovered. Which was disrupted by this blatant sabotage.

He pointed out that Aramco will fulfill its full obligations to its customers during this month by withdrawing from its stocks of crude oil and adjusting the mix of some oils that the Kingdom’s production capacity will return to 11 million barrels per day by the end of September and 12 million barrels per day by the end of November. Production of dry gas, ethane and gas liquids will gradually return to pre-aggression levels by the end of this month.

Regarding the local affairs, the Saudi minister said that the utilities sector of electricity and water desalination was not affected at all by the interruption of gas supplies. The petrochemical industry’s supply of ethane has begun to recover gradually, with the understanding and cooperation of its representatives.

The Minister of Energy said that the aggression that targeted the Kingdom and its oil sector is not only targeting the Kingdom, but will extend its negative impact on the global economy and the security of energy supplies, stressing that the repeated attacks on oil installations or international shipping lines represent at the same time an attack on all countries.

He called on the international community to protect its interests and economies by taking a firmer and stricter stance to deter and punish countries that stand or fund these blatant acts of sabotage, and to prevent their repetition, especially as the Kingdom seeks to continue its role as a safe and reliable source of supplies, to continue its role known to work to stabilize the market. And supply security.

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