Saudi Arabia oil supply returns to pre-attack levels | The Business Standard
Skip to main content
  • Epaper
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Wednesday
May 28, 2025

Sign In
Subscribe
  • Epaper
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
WEDNESDAY, MAY 28, 2025
Saudi Arabia oil supply returns to pre-attack levels

World+Biz

TBS Report
18 September, 2019, 10:55 am
Last modified: 18 September, 2019, 11:10 am

Related News

  • Saudi Energy Min: OPEC+ working against 'uncertainties and sentiment'
  • Biden admin talks with energy firms as it seeks to balance oil prices
  • Saudi Arabia may raise Nov official crude prices for Asia
  • US not expecting Saudi Arabia to immediately boost oil production
  • Saudi Arabia economy grows at fastest pace in decade on oil boom

Saudi Arabia oil supply returns to pre-attack levels

Prince Abdulaziz called on the international community to take strong action against the attack “on the global economy and energy markets”

TBS Report
18 September, 2019, 10:55 am
Last modified: 18 September, 2019, 11:10 am
Saudi Deputy Oil Minister Prince Abdulaziz bin Salman Al-Saud speaks during a news conference in Riyadh February 21, 2011/ Reuters
Saudi Deputy Oil Minister Prince Abdulaziz bin Salman Al-Saud speaks during a news conference in Riyadh February 21, 2011/ Reuters

Saudi Arabia has returned its oil supplies to levels comparable prior to Saturday's attacks on the Kingdom's oil installations, the Kingdom's Energy Minister Prince Abdulaziz bin Salman said at a much-anticipated press conference in Jeddah on Tuesday.

Prince Abdulaziz added that Saudi Arabia will maintain full oil supply to its customers this month, while oil production capacity will rebound to 11 million barrels per day (bpd) by the end of September, reports Al Arabiya.

Brent Crude futures fell seven percent, or $4.86 to $64.16 a barrel following the announcement, while WTI Crude fell six percent, down $3.79 to $59.11.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

Speaking at the conference alongside the Kingdom's energy minister, Saudi Aramco CEO Amin Nasser said that it took the company less than seven hours to extinguish the fires after the attack. He also added that the Kingdom's oil reserves— which it has tapped to maintain supply— will be restored by the end of the month.

Meanwhile, Prince Abdulaziz called on the international community to take strong action against the attack "on the global economy and energy markets."

He said that the United Nations would be sending investigators to uncover who is behind the attack.

Historically, members of the Organization of Petroleum Exporting Countries (OPEC) have refrained from commenting on specifics pertaining to politically sensitive events as they try to maintain neutrality and oil market balance.

Responding to a question about the source of the attack, Prince Abdulaziz said this topic "should be addressed to our colleagues at the Ministry of Defense and the Ministry of the Interior… I believe that the government is serious about following up with this. These are sensible international procedures."

Aramco chairperson Yasir al-Rumayyan, who was also in attendance at the conference, said that the company's upcoming blockbuster initial public offering (IPO) will not be delayed by the attacks and can occur anytime within the next 12 months.

The attacks on Aramco's key oil-processing facility in Abqaiq had temporarily interrupted the supply of an estimated 5.7 million barrels of crude oil per day - around five percent of global supply - and two billion cubic feet of gas.

"It is clear that most media reports and analysts' statements regarding inability to restore production were wrong," said energy economist and managing partner at Texas-based Energy Outlook Advisors, Anas Alhajji.

The strikes on Saudi Arabia have been claimed by the Iran-backed Houthi militia in Yemen. Yet analysis of impact points of the drone attacks show they were launched from a west-northwest direction rather than from Yemen to the south, senior US administration officials said on Sunday.

A senior US official told CBS News on Tuesday that they have reason to believe that a combination of drones and cruise missiles were launched from Iran.

The Saudi-led Arab Coalition battling the Houthi militia also confirmed on Sunday that its investigations indicated the weapons used in the attack were Iranian.

Oil prices surged nearly 15 percent after the attack. Saudi Arabian authorities had already pledged to use the Kingdom's oil reserves to compensate for any disruption in oil supply to its customers.

The Kingdom was able to restore a third of its oil production that had been lost as a result of the attacks, according to Refinitiv tracking data seen by Al Arabiya English on Monday.

Top News / Global Economy

Saudi oil / Saudi Energy minister

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Leaders and activists of BNP gather at Nayapaltan ahead of the rally of three BNP affiliated organisations on Wednesday, 28 May 2025. Photo: Rajib Dhar/TBS
    Thousands gather as BNP's rally in Nayapaltan underway
  • Inflation, exchange rate shocks to intensify fiscal pressure in FY26
    Inflation, exchange rate shocks to intensify fiscal pressure in FY26
  • Representational Image. Freepik
    DSEX drops 62 points, extends losing streak to six days

MOST VIEWED

  • Selim RF Hussain. Sketch: TBS
    BRAC Bank MD Selim RF Hussain resigns
  • Bangladesh Bank Governor Ahsan H Mansur. TBS Sketch
    Depositors need not worry as govt will take over banks before merger: BB governor
  • Graphics: TBS
    Suspicious banking activities surge by 56% since July: Cenbank
  • Photo: Collected
    DU student assaulted for protesting eve-teasing at Chadni Chowk
  • Illustration: TBS
    Bangladesh sees highest-ever per capita income of $2,820 in FY25, BBS provisional data shows
  • Officials protest inside the Secretariat on Tuesday, 27 May 2025, over a government ordinance amending the Public Service Act, 2018. Photo: Rajib Dhar
    Protest at Secretariat suspended as govt assures decision on ordinance tomorrow

Related News

  • Saudi Energy Min: OPEC+ working against 'uncertainties and sentiment'
  • Biden admin talks with energy firms as it seeks to balance oil prices
  • Saudi Arabia may raise Nov official crude prices for Asia
  • US not expecting Saudi Arabia to immediately boost oil production
  • Saudi Arabia economy grows at fastest pace in decade on oil boom

Features

In recent years, the Gor-e-Shaheed Eidgah has emerged as a strong contender for the crown of the biggest Eid congregation in the country, having hosted 600,000 worshippers in 2017. Photo: TBS

Gor-e-Shaheed Boro Maath: The heart of Dinajpur

1d | Panorama
The Hili Land Port, officially opened in 1997 but with trade roots stretching back to before Partition, has grown into a cornerstone of bilateral commerce.

Dhaka-Delhi tensions ripple across Hili’s markets and livelihoods

2d | Panorama
Photo: Collected

Desk goals: Affordable ways to elevate your study setup

2d | Brands
Built on a diamond-type frame, the Hornet 2.0 is agile but grounded. PHOTO: Asif Chowdhury

Honda Hornet 2.0: Same spirit, upgraded sting

3d | Wheels

More Videos from TBS

Crowds throng BNP’s youth rally

Crowds throng BNP’s youth rally

18m | TBS Today
How Was Interpol’s Most Wanted Subrata Bain Arrested?

How Was Interpol’s Most Wanted Subrata Bain Arrested?

43m | TBS Stories
Google Pay likely coming to Bangladesh soon

Google Pay likely coming to Bangladesh soon

1h | TBS Stories
UCB aims to grow deposits by Tk12,000 crore this year

UCB aims to grow deposits by Tk12,000 crore this year

1h | TBS Programs
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net