Saudi Aramco’s Oil Stockpiles Can Cover Lower Output -- For Now - Bloomberg:
Saudi Arabia’s pledge to fulfill all commitments to oil buyers after a strike on the giant processing plant at Abqaiq means the world’s largest crude exporter must continue to draw heavily on its inventories until production capacity returns.
State oil company Saudi Aramco has more than enough oil to get it to the end of the month, when it’s promised to restore normal levels of production. But if that timetable slips, things could get trickier.
Aramco removed nearly 10 million barrels of oil from storage -- mostly from tanks at Yanbu, Juaymah and Muajjiz terminals -- in the two days that followed Saturday’s attacks, according to energy data provider Kayrros SAS.
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