Saudis Keep Oil Flowing as They Patch Up Wounded Industry
- Kingdom restores about half of pre-attack capacity at Abqaiq
- Mike Pompeo travels to Riyadh to discuss response to assault
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Saudi Arabia reassured anxious customers that crude exports will keep flowing as normal and its industry can recover quickly from the worst attack in its history.
Crude prices fell after Tuesday’s long-awaited statement from the kingdom -- which pumped almost 10% of the world’s oil before the crucial Abqaiq facility was struck by missiles or drones over the weekend. Yet it also became clear that Saudi Arabia’s industry will remain weakened for months as it depletes oil reserves to meet supply commitments and operates without its usual buffer of spare production capacity.