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FX.co ★ Saudi Arabia fully restores oil output

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Forex Humor:::2019-10-30T10:42:09

Saudi Arabia fully restores oil output

Reportedly, Saudi Arabia has restored its crude oil production to the pre-attack level. The country’s oil facilities were damaged in a drone attack a while ago. The strike had serious consequences for Saudi Arabia, depriving the country and the entire global market of an impressive share of the total oil supply. There were few disagreements on how long it would take to fully restore the oil production. For instance, some experts pinpointed that it would take a good deal of time. Nevertheless, Saudi Arabia dealt with the consequences of the attack much faster than expected. OPEC Secretary General Mohammed Barkindo had personally confirmed the country’s success. “I think they should be congratulated on the occasion of a tremendous recovery in oil production” – Barkindo said. Meantime, Bloomberg’s source in Saudi Aramco acknowledged the information saying that the company’s production had stabilized. However, the exact volume was not specified. According to some sources, Saudi Aramco's current output has reached 9.7 million barrels per day, as much as before the attack. Whereas, they had to cut production by half (5.7 million barrels per day) right after Saudi oil facilities were targeted by drones. The current rates, as well as the speed of restoration works, are spectacular.


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