Aramco has risen like a phoenix: Saudi minister
Confident: Saudi Energy Minister Prince Abdulaziz bin Salman during a press conference in Jeddah on Tuesday. - AP
Riyadh, Saudi Arabia - Prince Abdulaziz said production capacity would be up to 11 million barrels per day by the end of September.
Saudi Arabia's energy minister said on Tuesday that 50 per cent of its daily crude oil production that was knocked out by a weekend attack had been restored and that full production is expected by the end of the month.
"Where would you find a company in this whole world that went through such a devastating attack and came out like a phoenix?" Prince Abdulaziz bin Salman said about the state-owned Saudi Aramco, which was the target of the attacks. His question to reporters, many of them Saudi, drew applause.
Prince Abdulaziz said production capacity would be up to 11 million barrels per day by the end of September.
The Saudi minister said "we don't know" the motive and who is behind the attacks. However, the United States said the attack originated in southwestern Iran.
Prince Abdulaziz's briefing to reporters was highly anticipated around the world, with oil prices spiking more than 14 per cent on Monday on the first day of trading after the attacks on Saudi Arabia. It was the biggest single-day jump in years due to the damaging attack.
Following reports of how quickly the kingdom could restore production, oil prices fell on Tuesday. Brent, the international benchmark, was down 6 per cent to $64.89 a barrel.
Saudi Aramco chairman Yassir Al Rumayyan said a planned initial public offering of the oil giant would be ready within the coming 12 months and that the kingdom was committed to the listing.
US Secretary of State Mike Pompeo will travel today to Saudi Arabia, Vice-President Mike Pence said.
"As the president said, we don't want war with anybody but the United States is prepared," he added.