Oil prices hover close to 2019 highs on OPEC output cuts, U.S. sanctions | Reuters Oil prices hover close to 2019 highs on OPEC output cuts, U.S. sanctions | Reuters

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

By: MENA
Wed, Oct. 9, 2019
LONDON, Oct 9 (MENA) - 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.

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, according to CNBC.

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.
 
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