Saudi Aramco loses $ 2 billion in oil production

Saudi Arabia has lost nearly $ 2 billion in crude oil production following attacks on its oil facilities last month, Middle East Eye reported.

The country suffered a major setback as a result of attacks blamed on Iran by Riyadh and Washington, which led to a 5% drop in Aramco’s output from global oil supplies, he said, citing a Financial Times report.

Saudi Arabia’s Crown Prince Mohammed bin Salman said before the IPO that Aramco could be worth $ 2 trillion, but experts are now skeptical the IPO will reach that figure.

Although the kingdom, the world’s largest oil exporter, has reproduced to pre-attack levels, analysts have questioned whether it can succeed in its mission and questioned how Saudi Arabia could be able to prevent such attacks in the future.

While Riyadh said its output had fallen by about 660,000 BPD, the Financial Times report put the loss at around 1.3 million BPD.

source: FinancialTime

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