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Aramco restores oil output ahead of IPO

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New Delhi: Saudi Arabia has said that state-run Aramco has restored oil output after a drone attack on its oil facilities in September and is focussed on executing the IPO of the company. Saudi Energy Minister Abdulaziz bin Salman said, “We have stabilised production capacity, we are at 11.
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3… We still have the kit and the tools to overcome any future challenges…”

Aramco stabilises oil output

Speaking at the Moscow Energy Conference, Salman said that Saudi Aramco’s total oil capacity now stands at 11.3 million barrels per day and added, “We all rose to the challenge.” Two of Aramco’s oil facilities were shut down after a drone attack in September, hitting its overall oil output.

“We have stabilised production capacity, we are at 11.3… We still have the kit and the tools to overcome any future challenges,” he was quoted as saying by Reuters.

Aramco IPO

The listing of Aramco is part of Saudi Arabia’s plans to shake up its economy and diversify away from oil. Bankers from 20 international and domestic financial institutions have been roped in to work on the company’s plan to sell 1 per cent of Aramco in Riyadh before an international sale in 2020 or 2021.

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