• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 1 day Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 2 hours California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 1 day "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 8 hours U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 3 days An Indian Opinion on What is Going on in China
  • 12 hours Nord Stream - US/German consultations
  • 3 days Can Technology Keep Coal Plants Alive and Well?
  • 4 days Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 6 days Perfect Energy Storm in Europe: turning our back on fossil fuels is easier said than done!
  • 5 hours Australia sues Neoen for lack of power from its Tesla battery
  • 3 days Storage of gas cylinders
  • 4 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
Brent Crude Nears $85 As Global Energy Crisis Worsens

Brent Crude Nears $85 As Global Energy Crisis Worsens

Oil prices extended Friday’s rally…

How Much Oil Can OPEC Realistically Add?

How Much Oil Can OPEC Realistically Add?

Years of underinvestment and shut…

When Will Saudi Oil Production Return To Pre-Attack Levels?

Saudi Arabia will restore its oil production to levels slightly above the output just before the attacks on its oil facilities in mid-September, Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday.

Last month, Saudi Arabia sustained an unprecedented attack on its oil infrastructure, which knocked 5.7 million bpd—or 5 percent of global oil supply—offline.

The Saudis were quick to assure the market that production would quickly return online, and that not a single oil shipment to customers would be skipped.

Last week, Saudi Aramco’s chief executive Amin Nasser said that the largest oil-producing company in the world would have its oil production capacity fully restored by the end of November.

The Saudi assurances and the persistent fear in the oil market about faltering demand growth this year have prevented oil prices from spiking for more than a day after the attack. One month after the attacks, the price of oil is now slightly lower than where it was on the day just before the attacks.

Due to the attack on Saudi oil, OPEC’s total production slumped by 1.318 million bpd from August to 28.491 million bpd in September, according to the secondary sources in OPEC’s closely-watched Monthly Oil Market Report. This was the steepest month on month drop in OPEC’s production in more than a decade and a half.

According to OPEC’s secondary sources, production in Saudi Arabia plunged by 1.28 million bpd to 8.564 million bpd in September. The Saudis, however, self-reported to OPEC that production was down by just 660,000 bpd in September from August, at 9.129 million bpd.

Related: Oil Giant Slashes Jobs Amid Shale Slowdown

In October and November, Saudi Arabia will pump 9.86 million bpd, energy minister bin Salman said at a Saudi-Russian forum in Riyadh on Monday. 

The expected production this month and next will still be more than 400,000 bpd below Saudi Arabia’s official output cap under the deal, 10.311 million bpd.

The Saudis will continue to curb more than asked for, the minister said, noting that he hopes the non-compliant members in the deal—Iraq, Nigeria, Gabon, and South Sudan—to start to fully comply with the OPEC+ pact as of this month.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News