Saudi Aramco says full oil production capacity will return by end of November

Amin Nasser, the chairman and CEO of the state-run oil giant Saudi Aramco

Jon Gambrell | AP

Saudi Arabia’s full oil production capacity will be recovered by the end of November, Saudi Aramco CEO Amin Nasser said at the Oil & Money Conference in London on Wednesday. This according to Reuters.

Aramco’s maximum production capacity is 12 million barrels per day (bpd), though the OPEC kingpin has been pumping significantly below that level as part of a coordinated agreement OPEC and non-OPEC producers to lower output and keep a floor under falling oil prices.

The CEO of the world’s largest oil company expressed his concern over an « absence of international resolve » against the perpetrators of September 14 drone and missile attacks on Aramco facilities that forced the company to shut down half of its production and sent crude prices up nearly 20%.

« An absence of international resolve to take concrete action may embolden the attackers and indeed put the world’s energy security at greater risk, » Nasser said.

Brent crude futures slipped on the news, trading at $58.07 a barrel on Wednesday morning at 9:20 a.m. London time, down about 0.3% from the previous day. The international oil benchmark’s price is now lower than it was the day before the Aramco attacks, which Riyadh and Washington have blamed on Iran, a charge Tehran denies.

This is a breaking news story. Please check back for updates.

Source: CNBC

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