Saudi Arabia’s oil minister said on Tuesday the country will restore its lost oil production by the end of September and has used inventories to return supplies to customers to the levels prior to the Saturday attacks that shut down about 5.7 million barrels per day (bpd) of crude production.
The statement sent oil prices plunging after a steep rise early in the week triggered by fears a return to full production would take months. Saudi Arabia is the world’s biggest oil exporter, normally shipping more than 7 million barrels every day.
The key Khurais and Abqaiq processing plant was hit at the weekend. Abqaiq processes Arab Light or Arab Extra Light crude from the Ghawar, Shaybah and Khurais fields.
The following outlines the impact on crude and product markets so far Read More