The Wall Street Journal reports that Saudi Oil Refineries could take months to repair according to foreign contractors working with the Saudi state giant. Saudi Arabia state oil company Aramco had initially said repairs would take a few days. This was later changed to repairs would take ten weeks tops.
Bloomberg estimated Saudi Arabia has about 50 million barrels of oil in storage at home plus another 80 million barrels stored abroad. This would be enough to meet the shortfall in Saudi Arabia supply commitments for about 20-30 days.
SOURCES – Oilprice, Bloomberg, Wall Street Journal
Written By Brian Wang, Nextbigfuture.com
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