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Aramco Less Optimistic on Pace of Oil Output Recovery

  • May take longer than expected to resume operations at Abqaiq
  • Saudi Arabia is starting up idle fields to replace lost output
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What Are Investors Waiting to Hear From Saudi Aramco?
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Saudi Aramco officials are growing less optimistic that there will be a rapid recovery in oil production after the attack on the giant Abqaiq processing plant, a person with knowledge of the matter said.

All eyes are on how fast the kingdom can recover from the weekend’s devastating strike, which knocked out roughly 5% of global supply and triggered a record surge in oil prices. Initially, it was said that significant volumes of crude could being to flow again within days, but it may now take longer than previously thought to resume operations at the plant, the person said, asking not be named before an official announcement. The company is scheduled to provide an update later today.