Aramco Faces Weeks or Months Without Bulk of Lost Oil Output - Bloomberg:
Saudi Aramco could take months to restore output at its giant Abqaib plant, keeping up pressure on oil prices as the geopolitical consequences of the worst single attack on global supplies continued to reverberate.
Brent crude traded just under $69 a barrel after jumping the most on record on Monday. President Donald Trump said “we pretty much already know” who was responsible, signaling Iran was to blame for the attack. Saudi Arabia has said Iranian weapons were used.
Oil prices surged on the prospect of more conflict in the region, as well as on the supply shock. The question now is how quickly the kingdom can recover from the devastating strike, which knocked out half its production, or roughly 5% of global supply. Saudi Arabian officials told a senior foreign diplomat they face a “severe” disruption measured in weeks and months.
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