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 Sept. 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 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 fulfil 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 U.S. official said they originated from southwestern Iran. Tehran, which support 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

Equity indices came under sharp selling pressure for the second consecutive day on Tuesday and wiped out all previous week's gains due to geopolitical tensions and weak global cues.

Rampant across-the-board selling led the <a href="Rampant across-the-board selling led the BSE S&amp;P Sensex to close 642 points or 1.7 per cent down to 36,481 while the Nifty 50 slid by 186 points to 10,818.">BSE S&amp;P Sensex </a>to close 642 points or 1.7 per cent down to 36,481 while the Nifty 50 slid by 186 points to 10,818.

At the National Stock Exchange, all sectoral indices were in the red with Nifty auto down by 3.8 per cent, realty by 3.7 per cent, PSU bank by 3.6 per cent and metal by 2.6 per cent.

Shares of State Trading Corporation (STC) and Metals &amp; Miners Trading Corporation of India (MMTC) plunged by 19.6 per cent and 16.5 per cent respectively following reports that the Ministry of Commerce and Industry has decided to close down the state-owned trading firms.

But sectorally, auto stocks suffered the most with Hero MotoCorp skidding by 6.2 per cent, Tata Motors by 4.9 per cent, Maruti by 4.6 per cent, Eicher Motors by 3.3 per cent and Bajaj Auto by 3 per cent.

Banking stocks too were under pressure with Axis bank down by 4.6 per cent, State Bank of India by 3.7 per cent and IndusInd Bank by 3 per cent.

Market sentiment has been weak since two Saudi Aramco plants at the heart of the kingdom's oil industry, including the world's biggest petroleum processing facility, were attacked by drones on September 14.

India's current account and fiscal deficit could take a hit if oil prices continue to rise after the attack, RBI Governor Shaktikanta Das had said on Monday.

The attack on the two plants -- Abqaiq oil processing facility and Khurais oil field -- resulted in a temporary shortage of 5.7 million barrels per day which is 5 per cent of the global crude supply or 50 per cent of the kingdom's oil output.

The Indian rupee has also weakened sharply and moved towards Rs 72 against the US dollar amid rising demand for the greenback vis-a-vis other currencies overseas and concerns over soaring crude prices following the drone attacks.

Global markets also turned cautious ahead of the two-day meeting of US Federal Open Market Committee. Many experts said the Fed may cut interest rate by 25 basis points.

Meanwhile, oil traded in the negative on Tuesday in Asia as it partly erased yesterday's gains as investors awaited updates regarding the resumption of operations in Saudi Arabia. Brent crude, the international benchmark, fell 0.96 per cent to 68.39 dollars per barrel.

Asia markets were mixed in the trade as investor sentiment remained cautious with China's Shanghai falling by 1.7 per cent and Hong Kong`s Hang Seng declining by 1.2 per cent.

Equity indices came under sharp selling pressure for the second consecutive day on Tuesday and wiped out all previous week's gains due to geopolitical tensions and weak global cues.

Equity indices came under sharp selling pressure for the second consecutive day on Tuesday and wiped out all previous week's gains due to geopolitical tensions and weak global cues. Rampant across-the-board selling led the BSE S&P Sensex to close 642 points or 1.7 per cent down to 36,481 while the Nifty 50 slid by 186 points to 10,818. At the National Stock Exchange, all sectoral indices were in the red with Nifty auto down by 3.8 per cent, realty by 3.7 per cent, PSU bank by 3.6 per cent and metal by 2.6 per cent. Shares of State Trading Corporation (STC) and Metals & Miners Trading Corporation of India (MMTC) plunged by 19.6 per cent and 16.5 per cent respectively following reports that the Ministry of Commerce and Industry has decided to close down the state-owned trading firms. But sectorally, auto stocks suffered the most with Hero MotoCorp skidding by 6.2 per cent, Tata Motors by 4.9 per cent, Maruti by 4.6 per cent, Eicher Motors by 3.3 per cent and Bajaj Auto by 3 per cent. Banking stocks too were under pressure with Axis bank down by 4.6 per cent, State Bank of India by 3.7 per cent and IndusInd Bank by 3 per cent. Market sentiment has been weak since two Saudi Aramco plants at the heart of the kingdom's oil industry, including the world's biggest petroleum processing facility, were attacked by drones on September 14. India's current account and fiscal deficit could take a hit if oil prices continue to rise after the attack, RBI Governor Shaktikanta Das had said on Monday. The attack on the two plants -- Abqaiq oil processing facility and Khurais oil field -- resulted in a temporary shortage of 5.7 million barrels per day which is 5 per cent of the global crude supply or 50 per cent of the kingdom's oil output. The Indian rupee has also weakened sharply and moved towards Rs 72 against the US dollar amid rising demand for the greenback vis-a-vis other currencies overseas and concerns over soaring crude prices following the drone attacks. Global markets also turned cautious ahead of the two-day meeting of US Federal Open Market Committee. Many experts said the Fed may cut interest rate by 25 basis points. Meanwhile, oil traded in the negative on Tuesday in Asia as it partly erased yesterday's gains as investors awaited updates regarding the resumption of operations in Saudi Arabia. Brent crude, the international benchmark, fell 0.96 per cent to 68.39 dollars per barrel. Asia markets were mixed in the trade as investor sentiment remained cautious with China's Shanghai falling by 1.7 per cent and Hong Kong`s Hang Seng declining by 1.2 per cent.

Sensex closes 642 points down after Saudi Arabia's Aramco attacks

saudi-aramco-attacks

Saudi Aramco Attacks, News on Saudi Aramco Attacks, stories on Saudi Aramco Attacks, articles on Saudi Aramco Attacks, Saudi Aramco Attacks stories at Wion, Saudi Aramco Attacks news, Saudi Aramco Attacks latest news

saudi aramco-attacks

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

Sensex closes 642 points down after Saudi Arabia's Aramco attacks