Business & Finance

Saudi oil facilities could take months to repair

Bringing back lost production in Saudi Arabia could take longer than the Kingdom is letting on.

Ali Taghva Montreal, QC
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Bringing back lost production in Saudi Arabia could take longer than the Kingdom is letting on.

According to the Wall Street Journal, the Kingdom is telling its many contractors to spare no expense in repairs, but even with limitless cash, it could still take months to manufacture, deliver and install the required parts. If the project faces any delay along that process repairs could take up to a year.

If repairs do take more than a couple of weeks, odds are another spike in oil prices could occur especially if there is any sort of supply gap.

For now, the market will likely remain stable as according to Bloomberg estimates, Saudi Arabia has over 100 million barrels of oil in reserve, providing a large amount of breathing space when it comes to continuing exports.

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