Saudi Arabia’s oil output bounces back after attacks | Financial Times:
Saudi Arabia’s oil production has rebounded to more than 8m barrels a day following the attacks on energy infrastructure earlier this month, with the faster than expected recovery helping to push the oil price down below $62 on Wednesday.
The rise, shared with the Financial Times by two people briefed on the situation and corroborated by satellite heat maps of output from the fields, marks the restoration or substitution of more than three-quarters of lost production. It still leaves the kingdom’s output at least 1.5m barrels a day below the level it was before the attacks.
The recovery is quicker than analysts had been anticipating, with state oil company Saudi Aramco acting to fire up spare capacity at offshore fields and bring production back online, while restoring processing capacity at one of the damaged facilities.
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