The supply levels of feedstock from Saudi Aramco into petrochemicals and refinery player Saudi Basic Industries Corporation (Sabic) has been restored following recent drone attacks.

Following Saudi Aramco’s attacks on its oil facilities in Abqaiq and Khurais, which raised the prospect of a major supply shock in the market as they cut output by 5.7 million barrels per day, Sabic said its feedstock supplies curtailment fell to 30% after it was seen at 49%.

According to the company, the feedstock shortage has not resulted in any material financial impact.

Levels of feedstock from Aramco have gradually been improving, reaching the normal levels on Thursday, Sabic said.

Saudi Arabia blamed Iran for the attack and said it provided “unquestionable” evidence linking its neighbour to the drones and missiles after showing pieces of them to journalists.

In the immediate aftermath of the attacks, the US had already said it believed these originated in southwestern Iran, despite Iran denying blame.

Earlier this week, European leaders joined the US and said “there is no other plausible explanation” for the attacks on Aramco's facilities.

Earlier this year, Aramco spent 259.125 billion riyals ($69.1 billion) on purchasing the 70% stake in Sabic from the kingdom’s Public Investment Fund.

The stake purchase was part of Aramco’s drive to grow its global participated refining capacity from 4.9 million bpd to between 8 million and 10 million bpd by 2030. Of the future figure, 2.3 million bpd will be converted into petrochemical products.

Production

Aramco feedstock supplies return to normal for Sabic