Simplistic to believe Saudi Arabia recovered from oil attacks: Report
A new report shows Saudi Arabia’s claims that it has restored oil production to normal levels following massive Yemeni attacks earlier this month are hard to believe.
The Bloomberg said in a Friday report that numbers given by Saudi energy authorities on restored oil output following the September 14 attacks on Abqaiq and Khurais oil facilities do not reconcile with the facts on the ground.
“A blizzard of data on Saudi Arabia’s oil production, production capacity and exports has painted a picture of an industry that is almost back to normal,” said the report by Julian Lee, adding, “That view may be too simplistic, though.”
Lee said that Saudi Arabia’s claim that its capacity for pumping oil has been back at levels just above nine million barrels per day, down from 9.8 bpd immediately before the attacks, do not reconcile with actual production figures.
He said a breakdown of output figures shows that Saudis are currently pumping 8 million bpd, mostly in Abqaiq and Khurais, which is far below the 9.1 million bpd claimed by the energy authorities.
Lee’s analysis said Riyadh would have huge difficulties to meet its stated output target of 9.89 million bpd in October.
It said the state-run Aramco, the largest oil company in the world, would have no option but to increase production at three offshore oil fields to meet the target.
However, the report said, raising output at those sites would increase the share of heavier grades of crude in Saudi Arabia’s exports, something that traditional customers in Asia would not be willing to accept.
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