Saudi energy minister Prince Abdulaziz bin Salman said that the country had dipped into its strategic reserves to maintain supply. Having already restored half of its oil output, the minister said that production would return to normal by the end of September
With nearly 50% of it output lost due to the drone attacks on two major facilities already restored, Saudi Arabia, on Tuesday stated that its oil output would be return to normalcy by the end of the month.
The world's top energy exporter had dipped into its strategic reserves to maintain supply to clients, said energy minister Prince Abdulaziz bin Salman, who was only appointed to the role earlier this month.
"I have good news for you... the oil output to international markets is back to what it was before the attack," he said.
"During the past two days the damage was contained, and 50% of the production has been recovered," he added.
"Production will be back to normal by the end of September."
However, despite the US pointing fingers at Iran, the minister, who is the son of King Salman, refrained from saying who he thought was responsible for Saturday's strikes which roiled global energy markets.
"We don't know who is behind the attack," he said, adding that the kingdom wants "proof based on professionalism and internationally recognised standards".
Saudi authorities were also bullish on plans for the mega stock listing of oil giant Aramco, which was thought to be imperilled by the attack.
"The IPO will continue as is, we won't stop anything," said Aramco chairman Yasir al-Rumayyan.
Riyadh pumps some 9.9 million barrels per day (bpd) of which around 7.0 million bpd are exported, mostly to Asian markets.
The strikes took out half its output, some 6% of global oil production.
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Last Updated Sep 18, 2019, 9:37 AM IST