Saudi Aramco Drone Attack Latest: Race to Restore Oil Output - Bloomberg:
Saudi Arabia will probably restore almost half the oil production lost after this weekend’s devastating drone strike as early as tomorrow, though a full resumption from the world’s biggest crude exporter may take weeks.
That’s according to industry consultant Energy Aspects in a note sent to clients on Sunday. Saudi Arabia will meet obligations to suppliers by running down reserves as state oil company Saudi Aramco works toward bringing back all the 5.7 million barrels a day lost after the giant Abqaiq processing plan was set ablaze.
Although supply into the global market won’t be disrupted in the short term, prices are likely to jump when they open for the week as traders digest the attack. Claimed by rebels in Yemen, but blamed on Iran by the U.S., the assault shows the vulnerability of the very heart of the Saudi economy and how Crown Prince Mohammed bin Salman’s more aggressive foreign policy could threaten his push for economic modernization.
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