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Saudi Has Restored Oil Output After Attacks, Focussed on Aramco IPO, Says Energy Minister

The kingdom's oil production capacity now stands at 11.3 million barrels per day, Saudi energy minister Prince Abdulaziz bin Salman told reporters.

Reuters

Updated:October 3, 2019, 2:39 PM IST
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Saudi Has Restored Oil Output After Attacks, Focussed on Aramco IPO, Says Energy Minister
File photo: Saudi Arabia's new Energy Minister, Prince Abdulaziz bin Salman takes a tour at the exhibition during the 24th World Energy Congress in Abu Dhabi, United Arab Emirates September 9, 2019. (Image: REUTERS)

Moscow: Saudi Arabia has fully restored oil output after attacks on its facilities last month and is now focussed on the listing of Saudi Aramco, its energy minister Prince Abdulaziz bin Salman said.

The kingdom's oil production capacity now stands at 11.3 million barrels per day, he told a Moscow energy conference on Thursday, adding: "We all rose to the challenge".

"We have stabilised production capacity, we are at 11.3... We still have the kit and the tools to overcome any future challenges..."

The listing of Aramco is the centrepiece of Saudi Arabian plans to shake up its economy and diversify away from oil.

Bankers from around 20 international and domestic financial institutions are now working on the company's plan to sell 1% of Aramco in Riyadh before an international sale in 2020 or 2021.

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