Saudi Arabia has restored more than 75 percent of the production lost after attacks on two oil processing plants and will return to full capacity next week.
The Khurais facility is now producing more than 1.3 million barrels per day and the Abqaiq plant about 3 million, industry sources said.
Both Aramco plants were hit in drone and missile attacks on Sept. 14 that caused fires and significant damage, halving the country’s oil output. The Kingdom’s ability to quickly restore production demonstrated an important degree of resilience to potentially damaging shocks, the ratings agency Moody’s said.
King Salman said on Monday that Saudi Arabia was able to deal with the effects of what he described as “this cowardly sabotage, that targeted the Kingdom and the stability of global energy supplies.”
He spoke after talks in Jeddah with King Hamad of Bahrain, who denounced the “serious escalation targeting the security and stability of the region.”
Meanwhile, the diplomatic focus on the fallout from the missile strikes moved to New York, where world leaders are gathering for the UN General Assembly. Saudi Arabia and the US have blamed Iran for the attacks, and they were joined on Monday by Britain.
“The UK is attributing responsibility with a very high degree of probability to Iran for the Aramco attacks. We think it very likely indeed that Iran was responsible,” British Prime Minister Boris Johnson said on his way to the US.
“We will be working with our American friends and our European friends to construct a response that tries to deescalate tensions in the Gulf region,” he said.
However, the UK risks opening a diplomatic rift with other European countries trying to salvage the Joint Comprehensive Plan of Action (JCPOA), the 2015 deal to curb Iran’s nuclear program in return for an easing of economic sanctions. Their efforts have so far failed, with the US withdrawing from the deal and reimposing sanctions.
French President Emmanuel Macron has refused to blame Iran for the Aramco attacks. “One must be very careful in attributing responsibility,” he said on his way to New York.
Macron, Johnson and German Chancellor Angela Merkel held talks on Monday to coordinate their Iran strategy before meetings with US President Donald Trump and Iranian President Hassan Rouhani.
Gulf states, the US, the Europeans and others needed to engage in “collective diplomacy” to defuse tensions, a senior GCC official said.
“The conversation should no longer be about the JCPOA, but Iran’s missile program and its regional misbehavior, which are as important if not more important — they have the potential to hold the region to ransom,” he said.