DUBAI: Saudi Arabia’s full oil production capacity will be recovered by the end of November, Saudi Aramco CEO Amin Nasser said on Wednesday.
“By September we will be, in terms of production capacity, at 11.3 (million barrels per day), by end of November we will be at 12 million barrels per day (bdp), which is our maximum sustained capacity,” Nasser told CNBC’s Steve Sedgwick during the Oil & Money Conference in London. Saudi Arabia is the world’s largest exporter of oil.
The OPEC kingpin has been pumping significantly below that 12 million bpd level as part of a coordinated agreement OPEC and non-OPEC producers to lower output and keep a floor under falling oil prices.
Aramco’s revenues were not reduced in the wake of the attacks, Nasser noted, and put its October production figure at 9.9 million bpd.
The CEO of the world’s largest oil company expressed his concern over an “absence of international resolve” against the perpetrators of September 14 drone and missile attacks on Aramco facilities that forced the company to shut down half of its production and sent crude prices up nearly 20%.
“An absence of international resolve to take concrete action may embolden the attackers and indeed put the world’s energy security at greater risk,” Nasser said. – CNBC