December 2, 2020

Work On Damaged Saudi Aramco Oil Facility Might Be Completed Faster Than Expected

After the drone attack on the Aramco oil facility in Saudi Arabia on September 14, 2019. The oil futures immediately spiked as the global markets feared a shortage of oil supply in the markets. The Aramco oil facility is the largest of its kind in the world and after the attacks, the oil-producing capacity of the facility declined by 5.7 million barrels per day (bpd). However, experts are now saying that the oil facility would start operating to it’s full potential of 11.4 mn bpd sooner than expected. Saudi Energy minister Prince Abdul Aziz Bin Salman and Chief Executive of State Oil Company Armco, Amin Naseer have said that the plant would return to it’s full capacity by the end of September. Saudi Arabia’s officials did not let the attacks hinder their oil supply to the world markets and started to tap their huge reserves and increased production from other oil fields. This step by the Saudi government kept the oil prices stable in the international markets.

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