Saudi oil production surges back to 75 percent of pre-attack level

Saudi King Salman and Bahrain’s King Hamad bin Isa Al-Khalifa reviewed latest regional developments during their talks in Jeddah on Monday. (SPA)
Updated 24 September 2019

Saudi oil production surges back to 75 percent of pre-attack level

  • We can deal with effects of ‘cowardly sabotage,’ king says of drone and missile attacks
  • Two Aramco plants were hit in drone and missile attacks on Sept. 14 that caused fires and significant damage, halving the country’s oil output

JEDDAH: Saudi Arabia has restored more than 75 percent of the production lost after attacks on two oil processing plants and will return to full capacity next week.

The Khurais facility is now producing more than 1.3 million barrels per day and the Abqaiq plant about 3 million, industry sources said. 

Both Aramco plants were hit in drone and missile attacks on Sept. 14 that caused fires and significant damage, halving the country’s oil output. The Kingdom’s ability to quickly restore production demonstrated an important degree of resilience to potentially damaging shocks, the ratings agency Moody’s said.

King Salman said on Monday that Saudi Arabia was able to deal with the effects of what he described as “this cowardly sabotage, that targeted the Kingdom and the stability of global energy supplies.”

He spoke after talks in Jeddah with King Hamad of Bahrain, who denounced the “serious escalation targeting the security and stability of the region.”

Meanwhile, the diplomatic focus on the fallout from the missile strikes moved to New York, where world leaders are gathering for the UN General Assembly. Saudi Arabia and the US have blamed Iran for the attacks, and they were joined on Monday by Britain.

“The UK is attributing responsibility with a very high degree of probability to Iran for the Aramco attacks. We think it very likely indeed that Iran was responsible,” British Prime Minister Boris Johnson said on his way to the US.

Opinion

This section contains relevant reference points, placed in (Opinion field)

“We will be working with our American friends and our European friends to construct a response that tries to deescalate tensions in the Gulf region,” he said.

However, the UK risks opening a diplomatic rift with other European countries trying to salvage the Joint Comprehensive Plan of Action (JCPOA), the 2015 deal to curb Iran’s nuclear program in return for an easing of economic sanctions. Their efforts have so far failed, with the US withdrawing from the deal and reimposing sanctions.

French President Emmanuel Macron has refused to blame Iran for the Aramco attacks. “One must be very careful in attributing responsibility,” he said on his way to New York.

Macron, Johnson and German Chancellor Angela Merkel held talks on Monday to coordinate their Iran strategy before meetings with US President Donald Trump and Iranian President Hassan Rouhani.

Gulf states, the US, the Europeans and others needed to engage in “collective diplomacy” to defuse tensions, a senior GCC official said.

“The conversation should no longer be about the JCPOA, but Iran’s missile program and its regional misbehavior, which are as important if not more important — they have the potential to hold the region to ransom,” he said.


Dubai launches economic program for post COVID-19 recovery 

Updated 05 August 2020

Dubai launches economic program for post COVID-19 recovery 

  • “The Great Economic Reset Programme” is part of a “COVID Exit initiative” to help the recovery and reshaping of the economy
  • The economic program will feature analyses of current and future policies

DUBAI: Dubai launched an economic program as part of its efforts to reshape the emirate’s economy for a “sustainable” and “resilient” future post the coronavirus pandemic, the government said. 
The Dubai government partnered with the Mohammed bin Rashid School of Government (MBRSG) to launch “The Great Economic Reset Programme” as part of a “COVID Exit initiative” to help the recovery and reshaping of the economy, state news agency WAM reported on Tuesday. 
The economic program will feature analyses of current and future policies, research and extensive stakeholder consultation to set the direction and tone of future economic policies, regulations and initiatives.
The government plans to use local and international experts for economies and societies to create growth strategies for the Dubai economy.
The MBRSG held a “Virtual Policy Council,” with global experts and thought leaders to discuss the impacts of COVID-19 on the economy and potential policy responses and initiatives. 
Chief economists, senior practitioners and researchers from leading global institutions including the World Bank, joined experts from Dubai Economy and the MBRSG at the first roundtable.
“I believe the triple helix collaboration between public, private and academia stakeholders have always produced the best solutions in the past. In the highly uncertain environment now, extensive collaboration and cooperation between all stakeholders are vital to our future prosperity. The Virtual Policy Council will propose the best approaches Dubai and the UAE can adopt to address the risks and opportunities in the next normal economy,” said Mohammed Shael Al-Saadi, CEO of the Corporate Strategic Affairs sector in Dubai Economy.
“This Virtual Policy Council is a key component of the whole process where global experts and thinkers share their views on the future economy. In this new era, the role of governments in enabling the new economic actors is becoming increasingly central, and Dubai is well-positioned to lead the way with innovative models of growth post COVID19,” said Professor Raed Awamleh, Dean of MBRSG.
The roundtable also discussed the impact of the pandemic on international trade, foreign investment and tourism, as well as the rise of digital globalization.