OPEC chief: No need to panic over attack disrupts Saudi output
‘No need to panic at the moment’ Secretary-General Mohammed Barkindo That is OPEC Secretary-General Mohammed Barkindo in a phone interview on Bloomberg News on Monday, in the wake of the attacks on major oil processing facilities that has roiled the global crude market.
However, the Nigerian head of the Organization of the Petroleum Exporting Countries appeared to urge calm as the markets wrestled with the severity and potential length of disruption of the Saudi Aramco Abqaiq plant and its Khurais oil field. The Wall Street Journal, citing Saudi officials, have said a third of output would be restored on Monday, but a return to full production may take weeks, experts have said.
Read: Why the Saudi oil attack is a ‘big deal’ that could be a ‘game changer’ in stock markets and crude prices“What we see in markets are the initial reaction from the community but going forward I think the updates from Saudi Arabia,” will calm the market, Barkindo told Bloomberg.
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