Middle EastNews

Saudi Arabia temporarily cuts oil production

Saudi Arabia is shutting down half of its oil production from its two oil facilities run by the Saudi Aramco, after drones attacked the world’s largest oil processing facility in the kingdom,

Saudi Energy Minister, Prince Abdulaziz bin Salman, said on early Sunday that oil production is being temporarily halted from the two major facilities, owned by Saudi Arabia’s state-owned oil giant.

It is reported that Saudi Arabia could drawing down its oil stocks to sell to foreign buyers to make sure world oil supplies won’t be disrupted by the attack and shutdown.

The minister added that the blaze led to the interruption of 5.7 million barrels of crude supplies per day from the two facilities. He said the part of the reduction will be compensated by drawing oil Aramco’s oil stocks

He also said the attack caused a halt in the production of associated petroleum gas (APG) which is nearly two billion barrels per day. This has caused a 50% reduction in the supply of ethane and other natural gases.

However, he Stressed  that there will be no shortage of fuel in the domestic market, he said the Aramco was supplying form its stocks and was also assessing the damage.

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