The Saudi energy minister has confirmed the resumption of oil production at normal levels on Tuesday evening, 17 September. It had been cut in half due to Saturday attacks on oil facilities, which had suddenly pushed up the price of crude oil.
The Saudi energy minister was reassured Tuesday (September 17th) about his country's ability to recover quickly from the double attack that halved oil production, while avoiding pointing an accusatory finger at Iran.
" I have good news for you (...) the supply of oil to international markets has returned to its pre-attack level, " Prince Abdel Aziz bin Salman told a press conference in Jeddah, the big port city of western Saudi Arabia.
" In the last two days, we have recovered half of the lost production ," he added, ensuring that Saudi production will be fully restored by the end of September. The country will reach at that date a production capacity of 11 million barrels per day and 12 million barrels per day by the end of November, he assured.
The oil market, very attentive to any Saudi reaction, quickly reacted to Ryad's claims. After flaming on Monday, the price of New York crude fell sharply Tuesday night after the remarks of the minister.