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Saudi Arabia Will Bounce Back To Supply Oil In Full Throttle

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Newly appointed Energy Minister Prince Abdulaziz bin Salman

Without being deterred by the drone attacks that meant to sabotage the lifeblood of the world, Saudi Arabia is confident that it will be able to restore the supply of oil by month-end. This was confirmed by the new leadership at the helm, to the media on Tuesday.

The kingdom has already been able to restore 50% of production lost in the recent attacks as of Tuesday, newly appointed Energy Minister Prince Abdulaziz bin Salman further added. He also mentioned how the kingdom is using reserves to supply oil to its customers at pre-attack levels and normal production of 9.8 million barrels a day will return by the end of September.

However, some Saudi officials had the opinion that a real return-to-normal situation might take longer. As expected, as soon as the news got out, oil prices saw a drop-down in the international market by about six percent.  The Prince has no intentions to get the panic situation to spiral out of control, something which looked like a possibility as drone attacks cut down nearly 50 percent of the oil supply at two key locations of the state-owned company Aramco’s reserves.

Commenting on maintaining Saudi Arabia’s role as the secure supplier of global oil markets, the prince has said, “Where would you find a company in the whole world that went through such a devastating attack and came out like a phoenix?” He has further given out a message that as the world’s leading oil exporter, Saudi Arabia is now determined to ‘take strict measures to prevent further attacks’.

It has been further stated that the attacks will not affect the forthcoming IPO and that Saudi Arabia is still to determine who is behind the attacks. They are in need of “concrete and professionally gathered evidence, ascertaining which corrective action will be taken,” Saudi Arabia defense ministry has communicated to the media worldwide.

While Riyadh and Washington share a close friendship, the former is refraining from reaching conclusions over the latter’s assertions. US Secretary of State Mike Pompeo has been rushed off to Saudi Arabia to reiterate their stand of Iran being behind the whole damage. But the Saudi Prince has no intention of taking this thought on face value.

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