#Saudi Oil Capacity Recovers Faster Than Expected From Attack - Bloomberg

Saudi Oil Capacity Recovers Faster Than Expected From Attack - Bloomberg:

Saudi Arabia is recovering faster than expected from the biggest attacks ever on its oil industry, beating its own target for restoring capacity by about a week.

State oil producer Saudi Aramco has boosted total production capacity to more than 11 million barrels a day, according to people with knowledge of the situation. The news helped to push crude down by as much as 1.8% in London as the kingdom’s efforts to resolve the worst disruption of output in history help avert a global supply crisis.

The attacks this month by more than two dozen missiles and drones threw into doubt Saudi Arabia’s role as an anchor of stability in global energy markets and its ability to convince investors to buy shares in Aramco’s planned initial public offering. The U.S. blamed Iran for the strikes, the latest in a string of tanker bombings and pipeline assaults since May. Iran denied responsibility for the latest attacks which were claimed by Houthi rebels that the Saudis are battling in Yemen.