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Saudi Aramco to restore production capacity by end of September

Saudi Aramco to restore production capacity by end of September
Saudi Aramco has confirmed that full production capacity at its Abqaiq and Khurais plants will be fully restored by the end of September.

The company's president and CEO Amin Nasser said during a new conference that the synchronised attacks were timed to create maximum damage to its facilities and operations.

'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.'

Production at Khurais resumed 24 hours after the attack. Production at Abqaiq is currently two million barrels per day and its entire output is expected to be restored to prior rates by the end of the month.

Nasser added: 'We have a hard-earned reputation for nearly 100% reliability in terms of meeting our international customers' requirements and we have defended that.

'Not a single shipment to an international customer has been or will be missed or cancelled as a result of these attacks. We have proven that we are operationally resilient and have confirmed our reputation as the world's leading supplier.'

Following the attacks by UAVs on Saturday, which knocked out 5.7 million barrels of crude oil per day, accounting for 5% of global supply, oil posted its biggest ever intraday jump on Monday.

However, crude futures settled lower Tuesday as traders were reassured over Saudi Arabia restoring its full production capacity.

The International Energy Agency says that the oil markets are well supplied with ample commercial stocks.



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