Saudi Energy Minister Prince Abdulaziz bin Salman has praised the enduring partnership between Saudi Arabia and Russia, highlighting strong cooperation in energy markets and OPEC+ coordination. The remarks underline continued collaboration on oil production strategy, market stability, and long-term economic ties between the two major energy powers despite global geopolitical pressures.


Prince Abdulaziz Bin Salman Hails Enduring Saudi-Russia Partnership

Saudi Arabia has restored its oil production capacity to 11.3 million barrels per day, three sources briefed on Saudi Aramco's operations told Reuters, maintaining a faster than expected recovery after the September 14 attacks on its oil facilities.

Crude output from the Khurais field is now at 1.3 million bpd and the Abqaiq plant is currently at about 4.9 million bpd, the sources said. On Monday, sources had said Abqaiq production was about 3 million bpd.

The September 14 attacks on the two plants caused a spike in oil prices, fires and damage that halved the crude output of the world's top oil exporter, by shutting down 5.7 million bpd of production.

Saudi Energy Minister Prince Abdulaziz bin Salman and the chief executive of state oil company Aramco, Amin Nasser, have said output will be fully back online by the end of September.

The attacks initially sent oil prices up 20 per cent although they dropped soon after as the kingdom pledged to bring back output swiftly. On Wednesday, crude was down over $1 a barrel to around $62.

The kingdom has managed to maintain supplies to customers at levels prior to the attacks by drawing from its huge oil inventories and offering other crude grades from other fields, Saudi officials said.

Saudi Arabia has restored its oil production capacity to 11.3 million barrels per day, three sources briefed on Saudi Aramco's operations told Reuters, maintaining a faster than expected recovery after the September 14 attacks on its oil facilities.

Saudi Arabia has restored its oil production capacity to 11.3 million barrels per day, three sources briefed on Saudi Aramco's operations told Reuters, maintaining a faster than expected recovery after the September 14 attacks on its oil facilities. Crude output from the Khurais field is now at 1.3 million bpd and the Abqaiq plant is currently at about 4.9 million bpd, the sources said. On Monday, sources had said Abqaiq production was about 3 million bpd. The September 14 attacks on the two plants caused a spike in oil prices, fires and damage that halved the crude output of the world's top oil exporter, by shutting down 5.7 million bpd of production. Saudi Energy Minister Prince Abdulaziz bin Salman and the chief executive of state oil company Aramco, Amin Nasser, have said output will be fully back online by the end of September. The attacks initially sent oil prices up 20 per cent although they dropped soon after as the kingdom pledged to bring back output swiftly. On Wednesday, crude was down over $1 a barrel to around $62. The kingdom has managed to maintain supplies to customers at levels prior to the attacks by drawing from its huge oil inventories and offering other crude grades from other fields, Saudi officials said.

Saudi Aramco restores oil output earlier than expected: sources

&nbsp;Saudi Aramco has emerged from attacks on its oil facilities "stronger than ever", Chief Executive Amin Nasser told employees in a message, adding that full oil production would resume by the end of this month.

The September 14 attacks on the Abqaiq and Khurais plants, some of the kingdom's biggest, caused raging fires and significant damage that halved the crude output of the world's top oil exporter, by shutting down 5.7 million barrels per day of production.

"The fires that were intended to destroy Saudi Aramco had an unintended consequence: they galvanized 70,000 of us around a mission to rebound quickly and confidently, and Saudi Aramco has come out of this incident stronger than ever," Nasser said in the internal message, on the occasion of the Saudi national day, to be celebrated on September 23.

"Every second counts in moments like these, and had we not acted quickly to contain the fires and undertake rapid restoration efforts, the impact on the oil market and the global economy would have been far more devastating."

Six days after the assault, which hit at the heart of the Saudi energy industry and intensified a decades-long struggle with arch-rival Iran, the state oil giant Aramco invited reporters on Friday to observe the damage and the repair efforts.

Thousands of employees and contractors have been pulled from other projects to work around the clock to bring production back. Aramco is shipping equipment from the United States and Europe to rebuild the damaged facilities, Aramco officials told reporters.

Aramco already brought back part of the lost production and will return to the pre-attacks level end of September, Nasser said.

"Not a single shipment to our international customers has been missed or cancelled as a result of the attacks, and we will continue to fulfill our mission of providing the energy the world needs," he said in the message, seen by Reuters. Energy Minister Prince Abdulaziz bin Salman said on Tuesday that Saudi Arabia had used its reserves to maintain oil supply flows to customers abroad and inside the kingdom.

Yemen's Houthi group claimed responsibility for the attacks but a US official said they originated from southwestern Iran. Tehran, which supports the Houthis, has denied any involvement in the attacks.

Saudi Arabia says 18 drones and three missiles were fired at Abqaiq, the world's largest oil processing facility, while the Khurais facility was hit by four missiles.

No casualties were reported at either site even though thousands of workers and contractors work and live in the area.

Saudi Aramco has emerged from attacks on its oil facilities "stronger than ever", Chief Executive Amin Nasser told employees in a message, adding that full oil production would resume by the end of this month.

Saudi Aramco has emerged from attacks on its oil facilities "stronger than ever", Chief Executive Amin Nasser told employees in a message, adding that full oil production would resume by the end of this month. The September 14 attacks on the Abqaiq and Khurais plants, some of the kingdom's biggest, caused raging fires and significant damage that halved the crude output of the world's top oil exporter, by shutting down 5.7 million barrels per day of production. "The fires that were intended to destroy Saudi Aramco had an unintended consequence: they galvanized 70,000 of us around a mission to rebound quickly and confidently, and Saudi Aramco has come out of this incident stronger than ever," Nasser said in the internal message, on the occasion of the Saudi national day, to be celebrated on September 23. "Every second counts in moments like these, and had we not acted quickly to contain the fires and undertake rapid restoration efforts, the impact on the oil market and the global economy would have been far more devastating." Six days after the assault, which hit at the heart of the Saudi energy industry and intensified a decades-long struggle with arch-rival Iran, the state oil giant Aramco invited reporters on Friday to observe the damage and the repair efforts. Thousands of employees and contractors have been pulled from other projects to work around the clock to bring production back. Aramco is shipping equipment from the United States and Europe to rebuild the damaged facilities, Aramco officials told reporters. Aramco already brought back part of the lost production and will return to the pre-attacks level end of September, Nasser said. "Not a single shipment to our international customers has been missed or cancelled as a result of the attacks, and we will continue to fulfill our mission of providing the energy the world needs," he said in the message, seen by Reuters. Energy Minister Prince Abdulaziz bin Salman said on Tuesday that Saudi Arabia had used its reserves to maintain oil supply flows to customers abroad and inside the kingdom. Yemen's Houthi group claimed responsibility for the attacks but a US official said they originated from southwestern Iran. Tehran, which supports the Houthis, has denied any involvement in the attacks. Saudi Arabia says 18 drones and three missiles were fired at Abqaiq, the world's largest oil processing facility, while the Khurais facility was hit by four missiles. No casualties were reported at either site even though thousands of workers and contractors work and live in the area.

Saudi Aramco has emerged from attacks 'stronger than ever': CEO

Oil prices were little changed on Wednesday, steadying after Saudi Arabia said it will restore by the end of the month production lost in weekend attacks on its facilities.

Prices plummeted 6 per cent on Tuesday after Saudi Arabia's energy minister said the country had managed to restore oil supplies to customers to where they stood before the <a href="https://www.wionews.com/world/saudi-aramco-pursues-ipo-planning-despite-attack-damage-doubts-250228">attacks</a> on its facilities that shut 5 per cent of global oil output by drawing from its huge inventories.

But tension in the region remained elevated after the United States said it believed the attacks on the world's top oil exporter originated in southwestern Iran. Iran has denied involvement in the strikes.

Brent crude oil futures were flat at $64.55 a barrel by 0732 GMT. US West Texas Intermediate (WTI) crude futures were down 15 cents, or 0.1 per cent, to $59.19 a barrel, after sinking 5.7 per cent on Tuesday.

"Considering limited spare (production) capacity outside Saudi Arabia and risks of renewed attacks on Saudi energy infrastructure, a risk premium is likely to stay on oil prices in the foreseeable future," UBS analysts said in a note.

Energy Minister Prince Abdulaziz bin Salman said on Tuesday that average oil production in September and October would be 9.89 million barrels per day and that the world's top oil exporter would ensure full oil supply commitments to its customers this month.

<a href="https://www.wionews.com/world/saudi-aramco-trading-arm-wants-refined-products-after-attacks-sources-250148">Saudi Aramco</a> has informed some Asian refiners that it will supply full allocated volumes of crude oil in October, albeit with some changes.

Relations between the United States and Iran have deteriorated since US President Donald Trump pulled out of the Iran nuclear accord last year and reimposed sanctions on its oil exports.

Tehran on Tuesday ruled out talks with Trump.

"The oil market is facing challenging times. Recent attacks on oil facilities in Saudi Arabia have painfully demonstrated the risks to oil supply, which is why short-term price spikes are possible at any time," Commerzbank analyst Carsten Fritsch said.

Still, fundamental supply and demand balances in the oil market are deteriorating, Fritsch added, forecasting Brent oil prices of $60 a barrel next year.

"Demand growth is weakening, oil supply outside OPEC is rising significantly and OPEC+'s production discipline has recently faded," he said.

The Organization of the Petroleum Exporting Countries and a number of other producing nations including Russia agreed last year to cut output by 1.2 million bpd to reduce global stocks and prop up prices.

US crude inventories rose by 592,000 barrels in the week ended Sept. 13 to 422.5 million, data from industry group the American Petroleum Institute showed on Tuesday. Analysts had expected a decrease of 2.5 million barrels.

Official US government data will be released later on Wednesday.

Oil prices were little changed on Wednesday, steadying after Saudi Arabia said it will restore by the end of the month production lost in weekend attacks on its facilities.

Oil prices were little changed on Wednesday, steadying after Saudi Arabia said it will restore by the end of the month production lost in weekend attacks on its facilities. Prices plummeted 6 per cent on Tuesday after Saudi Arabia's energy minister said the country had managed to restore oil supplies to customers to where they stood before the attacks on its facilities that shut 5 per cent of global oil output by drawing from its huge inventories. But tension in the region remained elevated after the United States said it believed the attacks on the world's top oil exporter originated in southwestern Iran. Iran has denied involvement in the strikes. Brent crude oil futures were flat at $64.55 a barrel by 0732 GMT. US West Texas Intermediate (WTI) crude futures were down 15 cents, or 0.1 per cent, to $59.19 a barrel, after sinking 5.7 per cent on Tuesday. "Considering limited spare (production) capacity outside Saudi Arabia and risks of renewed attacks on Saudi energy infrastructure, a risk premium is likely to stay on oil prices in the foreseeable future," UBS analysts said in a note. Energy Minister Prince Abdulaziz bin Salman said on Tuesday that average oil production in September and October would be 9.89 million barrels per day and that the world's top oil exporter would ensure full oil supply commitments to its customers this month. Saudi Aramco has informed some Asian refiners that it will supply full allocated volumes of crude oil in October, albeit with some changes. Relations between the United States and Iran have deteriorated since US President Donald Trump pulled out of the Iran nuclear accord last year and reimposed sanctions on its oil exports. Tehran on Tuesday ruled out talks with Trump. "The oil market is facing challenging times. Recent attacks on oil facilities in Saudi Arabia have painfully demonstrated the risks to oil supply, which is why short-term price spikes are possible at any time," Commerzbank analyst Carsten Fritsch said. Still, fundamental supply and demand balances in the oil market are deteriorating, Fritsch added, forecasting Brent oil prices of $60 a barrel next year. "Demand growth is weakening, oil supply outside OPEC is rising significantly and OPEC+'s production discipline has recently faded," he said. The Organization of the Petroleum Exporting Countries and a number of other producing nations including Russia agreed last year to cut output by 1.2 million bpd to reduce global stocks and prop up prices. US crude inventories rose by 592,000 barrels in the week ended Sept. 13 to 422.5 million, data from industry group the American Petroleum Institute showed on Tuesday. Analysts had expected a decrease of 2.5 million barrels. Official US government data will be released later on Wednesday.

Oil steadies after Saudi pledges to restore output lost in attacks

Saudi Arabia's Royal Family Consolidates Power With The Appointment Of Prince Abdulaziz As Energy Minister.

Gravitas: Saudi Arabia's New Energy Minister: Prince Abdulaziz Bin Salman

When former Saudi oil minister Ali al Naimi crushed oil prices in 2014 by adding to global oversupply, one man in the kingdom stood firmly against this strategy.

When former Saudi oil minister Ali al Naimi crushed oil prices in 2014 by adding to global oversupply, one man in the kingdom stood firmly against this strategy. Prince Abdulaziz bin Salman, King Salman's son and a veteran oil official, who on Sunday was named as new Saudi energy minister, is known in the industry for decades of work helping to foster OPEC production cuts. As he takes the reins at the world's largest oil exporter from Khaled al-Falih, Prince Abdulaziz faces intensifying demands from Saudi royals to prop up oil prices to help ease budget constraints and push through plans to get maximum value from a partial privatisation of state oil giant Aramco. Known in the industry as a good negotiator, Prince Abdulaziz has long experience in cutting deals within the Organization of the Petroleum Exporting Countries (OPEC) and respect among fellow OPEC members can help him implement that drive. In 2016, when OPEC agreed to cut oil output, Prince Abdulaziz worked behind the scenes to bring fellow OPEC ministers into an agreement, OPEC sources said. OPEC and non-OPEC producers later inked their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices that overstretched many state budgets. And when sanctions-hit Iran resisted a push by Saudi Arabia and Russia to increase oil output two years later to meet calls from U.S. President Donald Trump to cool prices, it was Prince Abdulaziz, then minister of state for energy affairs, who helped convince Iranian Oil Minister Bijan Zanganeh to agree to the deal, OPEC sources said. The prince's appointment caps 10 days of a series of swift changes that stripped Falih of his sprawling authority. Falih was once seen in the industry and by foreign diplomats as the third most powerful man in Saudi Arabia after the king and Crown Prince Mohammed bin Salman, overseeing more than half the Saudi economy through a super energy and industry ministry. His loss of power was swift. On Aug. 30, he was stripped of the industry portfolio, removed as chairman of Aramco on Sept. 2 before being replaced as energy minister on Sept. 8. But Prince Abdulaziz, an older half brother of the Crown Prince, is not expected to change the kingdom's oil and OPEC policies, Saudi officials and analysts say. "He will focus on enhancing the relationship within OPEC and with non-OPEC producers to strengthen the stability of the international oil market,” a Saudi official told Reuters. Bassam Fattouh, head of Oxford Institute for Energy Studies and a regular attendee of OPEC meetings, said he believed that the prince's appointment represents "a continuation of existing policy”. "The Prince has been a key shaper of Saudi oil and OPEC policy for many years," said Fattouh, adding that he has also been a key player in domestic oil policy such as the kingdom's energy pricing reforms, renewables and energy efficiency. Gary Ross, a veteran OPEC watcher and founder of Black Gold Investors, said he first met Prince Abdulaziz in early 1980s. “There is no one in the kingdom who knows more about oil than Prince Abdulaziz," said Ross who said he believed the new minister will stick to production cuts to maximise revenues for Saudi Arabia. “I expect no policy change - the objective is to deliver higher prices and the IPO for Aramco,” said Amrita Sen, co-founder of Energy Aspects think tank, which closely follows OPEC policies. First royal The prince's appointment broke with long-held tradition that saw oil technocrats and non-royals overseeing the energy portfolio in the world's top oil exporter. Saudi Arabia has had five oil ministers since 1960, and none of them has been a royal. Conventional thinking has been that the ruling Al Saud family has viewed the oil portfolio as so important that giving it to a prince might upset the dynasty’s delicate balance of power and risk making oil policy hostage to princely politicking, Saudi sources and diplomats say. Some industry insiders say the prince's lengthy experience has overcome what has always been seen as the impossibility of appointing a royal to the post. Former U.S. ambassador Chas Freeman said the prince represents a new phenomenon he called "a royal technocrat". "Bright, cosmopolitan, expert on the work of the ministry in which he made his career," said Freeman. "Abdulaziz bin Salman can finally attain the position for which he has been preparing himself for so long." Prince Abdulaziz, 59, joined the oil ministry in 1987 and worked closely with previous oil ministers Hisham Nazer and later with Naimi as his deputy for years. Besides delivering extra budget revenue via higher oil prices, the new minister will also have to foster relations with non-OPEC member Russia, which was instrumental in shaping a deal with non-OPEC producers. Ties between OPEC kingpin Saudi Arabia and Russia have developed since 2016 after the producer group and a number of non-member countries formed the so-called OPEC+ alliance. Two Russian energy sources said they didn’t expect cooperation to change because both sides are benefiting. Prince Abdulaziz was also instrumental in formalizing a long-term charter of cooperation between OPEC and non-OPEC exporters which was signed by the countries in June, OPEC sources said. He has also been directly involved in talks with the United States to bring nuclear technology to Saudi Arabia.

New Saudi energy minister: A royal with decades of experience in OPEC cuts

Saudi King Salman on Sunday promoted one of his sons to the pivotal role of energy minister, strengthening his family's grip on the levers of power from oil to finance and defence.

The appointment of Prince Abdulaziz bin Salman as the new energy minister mirrors the ascent of his half-brother Crown Prince Mohammed bin Salman, the de facto ruler.&nbsp;

Prince Khalid bin Salman, their younger brother, is effectively in charge of the defence ministry.

Here are profiles of the king's three powerful sons:

Prince Mohammed bin Salman

The meteoric rise of the 34-year-old, known as MBS, has seemed almost Shakespearean.

In June 2017, he edged out a 58-year-old cousin, Prince Mohammed bin Nayef, to become heir to the throne.&nbsp;

He was previously his deputy.

If he succeeds as king, foreign diplomats predict the prince could well be in control of Saudi Arabia for at least half a century.

He has already amassed powers unseen by previous Saudi rulers.

Prince Mohammed is also the kingdom's defence minister and chairman of the vast Public Investment Fund, which is spearheading efforts to diversify the oil-reliant economy.

He has undertaken unprecedented social reforms, such as allowing women to drive and reopening cinemas, but has also elicited widespread criticism for cracking down on dissent.

Prince Mohammed has developed close ties with the White House under US President Donald Trump, especially with his son-in-law and adviser Jared Kushner.&nbsp;

Prince Abdulaziz bin Salman

&nbsp;The 59-year-old prince, the older half-brother to the crown prince, is the first royal family member to be named energy minister, a key post in the oil-rich kingdom.

A veteran energy official, he has decades of experience working in the ministry.

After joining the ministry in the 1980s, Prince Abdulaziz served in a variety of roles, including deputy oil minister and minister of state for energy affairs, according to Saudi media.

A graduate of the kingdom's King Fahd University of Petroleum and Minerals, the prince worked closely with the three previous oil ministers.

"(He) has attended virtually every OPEC meeting since then (and) brings a wealth of institutional experience," said Ali Shihabi, founder of the now-shuttered pro-Saudi think-tank Arabia Foundation.

The prince takes over the ministry at a time when the kingdom is reeling from low oil prices, which could impede ambitious plans to diversify its economy.

He also takes charge as the world's top crude exporter accelerates preparations for a much-anticipated stock listing of state-owned oil giant Aramco, expected to be the world's biggest.

Prince Khalid bin Salman

The 31-year-old, a younger full brother to the crown prince, was appointed deputy defence minister in February this year.

Saudi officials say he is effectively in charge of defence affairs -- at a time when the kingdom is sliding into a military quagmire in neighbouring Yemen following its intervention against Iran-linked Huthi rebels in 2015.

He is also said to be overseeing a multi-billion dollar effort to boost arms imports despite misgivings by several Western nations over the kingdom's human rights record.

A trained fighter pilot, the prince was previously the Saudi ambassador to Washington, a key ally of Riyadh.

The prince is said to be one of the most trusted members of the crown prince's inner circle.

Saudi King Salman on Sunday promoted one of his sons to the pivotal role of energy minister, strengthening his family's grip on the levers of power from oil to finance and defence.

Saudi King Salman on Sunday promoted one of his sons to the pivotal role of energy minister, strengthening his family's grip on the levers of power from oil to finance and defence. The appointment of Prince Abdulaziz bin Salman as the new energy minister mirrors the ascent of his half-brother Crown Prince Mohammed bin Salman, the de facto ruler. Prince Khalid bin Salman, their younger brother, is effectively in charge of the defence ministry. Here are profiles of the king's three powerful sons: Prince Mohammed bin Salman The meteoric rise of the 34-year-old, known as MBS, has seemed almost Shakespearean. In June 2017, he edged out a 58-year-old cousin, Prince Mohammed bin Nayef, to become heir to the throne. He was previously his deputy. If he succeeds as king, foreign diplomats predict the prince could well be in control of Saudi Arabia for at least half a century. He has already amassed powers unseen by previous Saudi rulers. Prince Mohammed is also the kingdom's defence minister and chairman of the vast Public Investment Fund, which is spearheading efforts to diversify the oil-reliant economy. He has undertaken unprecedented social reforms, such as allowing women to drive and reopening cinemas, but has also elicited widespread criticism for cracking down on dissent. Prince Mohammed has developed close ties with the White House under US President Donald Trump, especially with his son-in-law and adviser Jared Kushner. Prince Abdulaziz bin Salman The 59-year-old prince, the older half-brother to the crown prince, is the first royal family member to be named energy minister, a key post in the oil-rich kingdom. A veteran energy official, he has decades of experience working in the ministry. After joining the ministry in the 1980s, Prince Abdulaziz served in a variety of roles, including deputy oil minister and minister of state for energy affairs, according to Saudi media. A graduate of the kingdom's King Fahd University of Petroleum and Minerals, the prince worked closely with the three previous oil ministers. "(He) has attended virtually every OPEC meeting since then (and) brings a wealth of institutional experience," said Ali Shihabi, founder of the now-shuttered pro-Saudi think-tank Arabia Foundation. The prince takes over the ministry at a time when the kingdom is reeling from low oil prices, which could impede ambitious plans to diversify its economy. He also takes charge as the world's top crude exporter accelerates preparations for a much-anticipated stock listing of state-owned oil giant Aramco, expected to be the world's biggest. Prince Khalid bin Salman The 31-year-old, a younger full brother to the crown prince, was appointed deputy defence minister in February this year. Saudi officials say he is effectively in charge of defence affairs -- at a time when the kingdom is sliding into a military quagmire in neighbouring Yemen following its intervention against Iran-linked Huthi rebels in 2015. He is also said to be overseeing a multi-billion dollar effort to boost arms imports despite misgivings by several Western nations over the kingdom's human rights record. A trained fighter pilot, the prince was previously the Saudi ambassador to Washington, a key ally of Riyadh. The prince is said to be one of the most trusted members of the crown prince's inner circle.

Saudi king tightens grip with promotion of another son