October 14, 2019 / 10:48 AM / a month ago

UPDATE 1-Saudi oil output seen at 9.86 mln bpd in Oct, Nov -energy minister

(Adds detail, quotes)

By Olesya Astakhova

RIYADH, Oct 14 (Reuters) - Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday that the country’s oil output will recover to 9.86 million barrels per day in October and November, after it declined last month following attacks on its energy installations.

September oil production in Saudi Arabia, the world’s largest oil exporter, fell by 660,000 barrels per day (bpd) from August to 9.13 million bpd in the wake of the attacks.

The Sept. 14 attacks targeted two of state oil producer Saudi Aramco’s plants, initially knocking out half of the kingdom’s oil production or 5% of global output.

Speaking to reporters, Prince Abdulaziz said that Saudi Arabia will reach an oil production capacity of 12 million bpd by the end of November, while its current exports stand at around 6.9 million bpd and will remain at this level until the end of the year.

Prince Abdulaziz replaced Khalid al-Falih as Saudi energy minister last month. “It is my job to ensure that oversupply does not continue,” he said when asked about his expectations for 2020. (Reporting by Olesya Astakhova; writing by Vladimir Soldatkin; editing by Louise Heavens and Jason Neely)

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