Saudi crude exports unaffected, because reserves covered losses
SAUDI Arabia's crude exports haven't been affected by the drone strike three weeks ago as deliveries were made from existing reserves in Saudi, Egypt and Amsterdam
SAUDI Arabia's crude exports haven't been affected by the drone strike three weeks ago as deliveries were made from existing reserves in Saudi, Egypt and Amsterdam.
The kingdom is recovering faster than expected, reports Bloomberg. Aramco has increased its ability to pump, to more than 11 million barrels a day, and boosted crude output to more than eight million barrels a day last week, according to separate people briefed on each situation.
Crude loadings stood at 5.86 million barrels a day. That compares with 6.74 million barrels a day in the 13 days before the attack, regarded as the biggest-ever attacks on its oil industry, which knocked out about 5.7 million barrels a day, about half of the country's production.
The US blamed Iran, said state-owned Saudi Aramco, adding that it won't reduce shipments this month because it will draw on reserves.
The company has said it will bring back all lost production by the end of the month. It has also said that full capacity of 12 million barrels a day won't be available until November.
Goldman Sachs said that the size of Saudi oil inventories and spare capacity may help the kingdom achieve its goal of maintaining exports this month.
So far this month, Saudi crude exports are averaging 6.36 million barrels a day, compared with a revised 6.69 million barrels in August. While it's too soon to provide exact volumes, the top destinations for September appear to be China, India and South Korea. Flows to the US seem to be lower than in August.