9.86M BPD Saudi oil output seen in Oct, Nov
riyadh — Saudi Arabia’s oil production will recover in October and November to levels above those seen before attacks on its energy installations in September, energy minister Prince Abdulaziz bin Salman said on Monday.
Production by the world’s largest oil exporter will reach 9.86 million barrels per day (bpd) in October and November, the minister said at a Russian-Saudi investment event in Riyadh.
Output fell by 660,000bpd from August to 9.13 million bpd in the wake of the September 14 attacks.
The attacks knocked out half of the kingdom’s oil production, or 5 per cent of global output, sending oil prices soaring. But a quick recovery in production, coupled with concerns about slowing global economic growth, have reversed all those gains.
Prince Abdulaziz said Saudi Arabia’s production capacity would reach 12 million bpd by the end of November. Current exports stand at around 6.9 million bpd.
Saudi Arabia will continue with voluntary output cuts — part of a global deal by producers aimed at propping up prices — of around 400,000bpd, he added.
Aramco IPO
Meanwhile, Aramco will announce its long-awaited stock market debut “very, very soon,” its chairman said on Monday.
Aramco has said it plans to float around 5 per cent of the state-owned company in 2020 or 2021 in what could potentially be the world’s biggest stock sale.
“Aramco’s IPO will take place sooner than you think,” said Aramco chairman Yasir Al Rumayyan at a Saudi-Russian forum in Riyadh.