Saudi Aramco’s chief executive, Amin Nasser said there would be no impact on the stock market listing plans of the state oil giant after attacks on its installations last month, which he blamed on Iran.
Attacks such as those on September 14, which sent oil prices up as much as 20 percent, may continue if there is no concerted international response, Nasser said in London.
The attacks targeted the Abqaiq and Khurais plants at the heart of Saudi Arabia’s oil industry, causing fires and damage and shutting down 5.7 million barrels per day (bpd) of production — more than 5 percent of global oil supply.
Saudi Arabia is pressing ahead with plans to sell between 1 percent and 2 percent of Aramco through a local listing, which might be followed by additional share sales internationally.
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Nasser said Aramco was on track to regain its maximum oil production capacity of 12 million bpd by the end of November and that October crude output stood at 9.9 million bpd.
“An absence of international resolve to take concrete action may embolden the attackers and indeed put the world’s energy security at greater risk,” Nasser said.
“You heard the minister of foreign affairs and I think he spoke enough about (where) the attacks (are) coming from. It’s instigated by Iran for sure, there’s no doubt.”
Yemen’s Houthi group claimed responsibility for the attacks, but a US official said they originated from southwestern Iran. Riyadh blamed Tehran. Iran, which supports the Houthis in Yemen’s war, has denied any involvement.
Saudi Arabia has maintained supplies to customers at levels seen before the attacks by drawing from its huge oil inventories and offering crude grades from other fields.
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