Saudi FinMin: Aramco's announcement on restoring production proves it can swiftly deal with any crisis
|Saudi Arabian Finance Minister Mohammed al-Jadaan was on the wires last minutes, via Reuters, responding to the Saudi Oil Minister Prince Abdulaziz’s statement that Saudi Arabia will restore its lost oil production by the end of September.
Jadaan said: "I congratulate Aramco on its announcement (of restoring production) yesterday, which proves its ability to deal quickly with crises."
He added that Saudi’s budget deficit was 5.7 bln riyals in H1.
Additional Quotes:
Attacks on Aramco facilities have had zero impact on kingdom’s oil revenues.
Overall GDP growth in 2019 expected to be “significantly” less than previous estimates.
Saudi producing below OPEC-OPEC+ quota, will influence overall GDP.
- Saudi energy minister: Oil supply is fully back online
- Saudis to report the evidence of Iran's involvement in the Aramco attacks - (Presser Wed,1430 GMT)
Both crude benchmarks are seen accelerating their recovery, with WTI extending above the 59 handle while Brent re-takes 65.00.
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