Saudi Aramco CEO says output may hit 12 mln bpd ‘earlier than expected’

Saudi Aramco CEO says output may hit 12 mln bpd ‘earlier than expected’

Saudi Aramco is on track to regain its maximum production capacity of 12 million barrels per day by the end of November, and might hit that mark earlier than expected, the company’s Chief Executive Officer Amin Nasser said at an energy conference in London on Wednesday.

“This rapid turnaround has surprised many,” said Nasser, who added that planned “fail-safe redundancies” built into the company’s facilities and a “vast” production network was instrumental in boosting the pace of output restoration.

Saudi Arabia’s oil output had been halved following attacks on Saudi Aramco’s key oil-processing facilities in Abqaiq and Khurais.

The Kingdom managed to quickly revive oil supplies to its customers by tapping into its strategic reserves, and later restored its production to about 11.3 million barrels per day (bpd), which was earlier than anticipated.

Nasser also warned about more attacks happening in the future.

“An absence of international resolve to take concrete action may embolden the attackers and indeed put the world’s energy security at greater risk,” he said.

The Kingdom has held Iran responsible for the attacks, a claim disputed by Tehran.

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