Saudi Aramco successfully restores oil output balance to pre-attack levels: Al-Rumayyan

Saudi Aramco has successfully restored balance to the oil market after the devastating strike on its key facilities in September this year, chairman Yasir Al-Rumayyan said today.

“If it had not been for Aramco, oil would have reached $130 per barrel, as the attacks triggered a 20 percent surge in oil prices,” Al-Rumayyan said on the sidelines of the Saudi-Russian Forum held in Riyadh.

He also added that if oil output was not fully restored to normal levels, prices would have increased by an additional 30 percent in the first month, and by another 30 percent in the second month.

“Crossing the $130 barrier would mean a global recession, as the drone attacks on Aramco oil facilities knocked out roughly 5 percent of global supply,” he said.

“Saudi Arabia should be a safe zone,” Al-Rumayyan pointed out, adding if the Kingdom is at risk, it would weigh on the whole world.