News that helped push crude oil to 1.7% in London shows that the kingdom has begun to resolve the biggest divide in its history.
Saudi Arabia is recovering faster than expected from attacks on its oil industry, with total production capacity restored to more than 11 million barrels a day about a week ahead of schedule, according to people familiar with the situation.
The state-run company has now restored pre-attack capacity of 4.9 million barrels per day in Abqaiq and 1.3 million barrels per day in Khurais, people familiar with the presentations told Aramco to industry analysts in Dhahran on Wednesday.
Maintaining normal supplies for customers by suppressing inventories and setting up other areas Armaco has worked well to restore capacity.
On September 17, Armaco said it would not restore capacity to its full level of 12 million barrels per day by November. There has been speculation that it would take months to repair the extensive damage caused by the attacks.
The air strikes on oil facilities were claimed by Houthi rebels in Yemen, but Saudi Arabia, the US and some other nations have blamed Iran. Tehran denies responsibility./Investing.com