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Saudi Arabia Partially Restores Output at Damaged Oil Plant

  • Crude flow at Abqaiq is back up to 2 million barrels per day
  • Production capacity may not be fully restored until November
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Saudi Aramco CEO Says Damaged Oil Plant Will Be Back To Capacity By End of September
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Saudi Arabia attempted to move beyond the worst oil disruption in its history, assuring the world that crude exports won’t suffer, its damaged facility has partially restarted and that production capacity will be back to normal within months.

The long-awaited update on Tuesday from the kingdom -- which before the strike pumped almost 10% of the world’s oil -- gives the market much-needed clarity after days of speculation over how severe the damage was at Saudi Aramco’s Abqaiq plant.