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Saudi Arabia to restore oil output by end of September

Fuel prices will not be affected by the bombing of Saudi Arabian oil facilities by Houthi rebels after the Energy Minister for Saudi Arabia announced that Saudi Arabia will restore its lost oil production by the end of September and has managed to recover supplies to customers to the levels they were at prior to weekend attacks on its facilities by drawing from its huge oil inventories.

While Fiji has a 45 day oil reserve, the country was expecting to be hit by high fuel prices after the instability in the crude oil markets.

Fuel prices are set to decrease from 1st October as announced by the Competition and Consumer Commission yesterday.

“Over the past two days we have contained the damage and restored more than half of the production that was down as a result of the terrorist attack,” Prince Abdulaziz told a news conference in the Red Sea city of Jeddah.

“Oil supplies will be returned to the market as they were before 3:43 a.m. Saturday,” he said, adding that state oil giant Aramco had emerged “like a phoenix from the ashes” after the attack.

Prince Abdulaziz said Riyadh did not yet know who carried out the strikes or why, adding Saudi Arabia would keep its role as a secure supplier of global markets.

The foreign ministry has said that preliminary investigations indicated Iranian weapons were used in the assault, which authorities initially said involved drones.

with Reuters

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