Saudi Energy Minister Prince Abdulaziz bin Salman says the kingdom's ability to supply energy remains resilient, even as attacks hit its energy and aviation infrastructure. The East-West pipeline is running again and oil exports are moving toward prewar levels.
Saudi Arabia's energy supply remains resilient despite major market and security turmoil, Energy Minister Prince Abdulaziz bin Salman said at the WPC Energy Congress in Riyadh. He spoke as the kingdom faces attacks on its energy and aviation infrastructure.
The minister argued that resilience goes beyond spare capacity, pipelines and power generation. He said it must also be measured by the ability to maintain, repair, reroute, substitute and recover, and to keep delivering under pressure.
Attacks hit airports, pipeline and refineries
Projectiles hit the airport in Riyadh multiple times, killing at least 14 people and wounding hundreds. Over the weekend, Houthi militants repeatedly targeted airports across the kingdom, including in Riyadh and Dammam, in the deadliest strikes since the Iran war began.
The kingdom's main cross-country pipeline, the primary means of getting oil to the market during the Iran war, was damaged last month. Refineries and a port on the Red Sea coast have also been targeted.
Pipeline restarts and exports recover
Saudi Arabia restarted the East-West pipeline last month, and flows rose to over 80% of its capacity. Meanwhile, state-run Saudi Aramco boosted crude shipments through the Strait of Hormuz, pushing total oil exports toward prewar levels in September.
On Sunday, at the International Energy Forum in Riyadh, Prince Abdulaziz spoke about the kingdom's commitments. According to Bloomberg: "We honor our commitments and strive to fulfill them, no matter the circumstances".
The hostilities have disrupted the WPC conference, with chief executives of BP Plc and Shell Plc among those withdrawing their in-person attendance. Prince Abdulaziz thanked those who had traveled and said Saudi Arabia would protect visitors.
Source: Rigzone (Bloomberg)
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