Saudi Aramco officials are less and less optimistic about a rapid recovery in oil production following an attack on the gigantic Abqaiq processing plant on Saturday, said a person with knowledge of the matter.
Read: (Crude oil prices skyrocket after attack on the largest Saudi refinery)
The plant, where more than half of Saudi production is processed, may take longer than previously thought to resume operations, said the person, who asked not to be identified before the issuance of an official announcement.
Read: (They attack the world's largest refinery with drones)
The company plans to submit a report later this Monday. Saudi Aramco will activate inactive offshore oil fields – part of its reserve capacity mattress – to replenish a fraction of lost production, they said.
The loss of Abqaiq, which handles 5.7 million barrels of oil per day, is the worst sudden disruption of the oil market. Crude prices registered their highest recorded intraday rally. Aramco customers will be stocked with reservations, although some buyers will be asked to accept different types of crude oil.
Bloomberg
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