Impact Of Saudi Oil Facilities Attack Needs Assessment Before Calling OPEC+ Meeting- Novak

Impact of Saudi Oil Facilities Attack Needs Assessment Before Calling OPEC+ Meeting- Novak

An emergency meeting of OPEC+ is always possible, but the impact of recent attacks on Saudi oil facilities has to be measured first, Russian Energy Minister Alexander Novak said Monday

MOSCOW (Pakistan Point News / Sputnik - 16th September, 2019) An emergency meeting of OPEC+ is always possible, but the impact of recent attacks on Saudi oil facilities has to be measured first, Russian Energy Minister Alexander Novak said Monday.

In the early hours of Saturday, two Saudi Aramco refineries, in Abqaiq and Khurais, were attacked by drones. As a result, the output decreased by 5.7 million barrels of oil per day, which makes up more than half of the usual production.

"This option is always on the table, but it all depends, really, on the assessment of how it will impact the market in the long term. We will have to see what will happen with the rebuilding of this infrastructure in Saudi Arabia, and it will depend on that," Novak told reporters, when asked if an emergency OPEC+ meeting was possible.

The minister added that the parameters of the OPEC+ deal on oil output freeze did not change after the attack and had to be complied with.

"If there is some need, some extraordinary circumstances, we can always get together and discuss some other parameters. At the moment, it is too early to say, it is not clear how fast the facilities will recover," the minister said.

Novak said that Russian energy objects were under constant protection.

"Undoubtedly, the situations similar to what happened [in Saudi Arabia], they call for another assessment of the situation, and I think we will also work on that. I mean, this is an ongoing work, but we have to understand, take into consideration the experience," the minister said.