Oil refineries immediately calmed down after Saudi Arabia announced that its oil output will be back to normal by the end of September after a drone-attack on two of its key oil facilities disrupting its oil production.
The incident halted production of 5.7 million barrels of crude a day, this is more than half of Saudi Arabia’s global production and more than 5% of the world’s daily crude oil where most of the ouput goes to Asia.
Oil prices plunged to 7% on Tuesday following the historic 15% surge on crude prices.
US President Donald Trump also assured that it was no longer necessary to share oil reserves from US emergency stocks.
Brent crude oil, the global benchmark, slipped 7% or $64.6 from 14% or $69.02 per barrel while U.S. West Texas Intermediate futures ended the session 5.7% or $3.56 lower at $59.34 per barrel after posting their biggest climb since 2008 in the previous session.
Fifty percent of the oil production loss from the attack has been restored in the past two days, bin Salman said, adding that production capacity would reach 10 million barrels of crude per day (bpd) by the end of this month and 12 million bpd by the end of November.
The CEO of Saudi Aramco Amin Nasser, the national oil company, said its Abqaiq oil plants are producing 2 million barrels of oil at the moment.
Saudi Arabia is the world’s biggest oil exporter, shipping more
