A blizzard of data on Saudi Arabia’s oil production, production capacity and exports has painted a picture of an industry that is almost back to normal after the Sept. 14 attacks. That view may be too simplistic, though. Here’s my take on how the numbers might be reconciled and what that means for Saudi oil flows.
Numbers We’ve Been Given
Immediately before the attack, Aramco was pumping 9.8 million barrels a day, in line with its average production level in August.
Saudi Arabia lost 5.7 million barrels a day of production, with 4.5 million coming from the Abqaiq processing plant and 1.2 million from the Khurais field, taking output down to 4.1 million barrels a day immediately after the attack.
Aramco has increased total production capacity to 11.3 million barrels a day and will restore its previous maximum sustainable capacity of 12 million barrels a day by the end of November.
Read the full perspective, "Saudi recovery from oil attack isn't all it seems," at bloomberg.com.