Saudi Arabia has completely restored its oil outputs after drone attacks on its oil facilities in September and is now focused on the listing of state oil giant Saudi Aramco, said the Saudi Energy Minister Prince Abdulaziz bin Salman.
The crude oil production capacity of Saudi Arabia is now 11.3 million barrels per day, said Prince Abdulaziz, adding that the devastating attacks, which hampered the crude oil output of the world’s top exporter, were an endeavor to ruin the Kingdom’s reputation as “a reliable, secure and dependable oil supplier.”
Prince Abdulaziz told during an Energy Conference in Moscow, “We all rose to the challenge.”
September 14’s attacks targeted the Khurais and Abqaiq Oil Plants, cause a rise in oil prices, fires, and damages that also limit the production of 5.7 million barrels per day or nearly 5 percent of global oil supply.
The Kingdom has also managed to maintain supplies to customers at levels ahead of the drone attacks by drawing from its enormous oil inventories and offers crude grades from other sources, said officials.
Prince Abdulaziz continued that “we have stabilized production capacity, we are at 11.3 (million bpd)… We still have the kit and the tools to overcome any future challenges.”
At present, one of the main challenges for Saudi Arabia was the listing of Aramco, a center-piece of the Kingdom’s plans to reform its economy and distract from oil, added Prince Abdulaziz.
“We want to make sure that it is the most successful IPO,” said Prince Abdulaziz, that the Kingdom is working on diversifying its energy resources and both renewables and nuclear power.
He continued, “As far as I am concerned… we moved on, we flipped the page and (are) rising up to the new challenge.”
Bankers from nearly 20 domestic and international financial institutions are now working a plan to sell around 1-2 percent of Aramco by 2020-21 in Riyadh, ahead of an international listing, said sources.
Prince Abdulaziz bin Salman is a veteran oil official and a son of the King, was last month named as the Energy Minister of Saudi Arabia.