Attacks on Saudi Arabian oil facilities have sharpened the focus on the world’s ability to absorb massive shocks to its energy supplies and raised pressing questions about emergency stockpiles around the globe, APA reports citing The Wall Street Journal.
Some 5% of the world’s global oil supplies were knocked out in the Sept. 14 strikes. Saudi Arabia has said half of that production has been restored, and has dipped into its own reserves to satisfy customers.
The Wall Street Journal said Thursday that Saudi Arabia has also reached out to foreign producers including Iraq for crude and other petroleum products to bridge any gaps. The Saudi energy minister said normal production will resume by the end of the month, though some officials have suggested it may take longer.
The Saudi Arabian Oil Co. is offering to pay a premium for parts and repair work to the damaged facilities, the Journal reported Sunday, and fully restoring operations could take months, Saudi officials and oil contractors said.
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