Oil gets cheaper, Saudi Arabia restores production at high pace

Posted 27 September, 2019

Oil prices dropped on Friday amid the reports about oil production recovery in Saudi Arabia. 

November futures for Brent oil on London ICE Futures were priced at $62.30/bbl with further strengthening to some $62.50/bbl. For reference, the previous session was closed at $62.74/bbl.

WTI oil for November slackened on NYMEX to some $56.20/bbl ($56.41/bbl earlier). At the same time, the price somewhat recovered to $56.40/bbl later today.

According to the media reports, Saudi Arabia managed to restore production faster than it was expected. It was noted that the facilities can resume operations a week before the plan.

Specifically, the current oil output reportedly exceeds 8 million bbl.

The national oil company Saudi Aramco is taking measures to restore the performance of Khurais and Abqaiq oil fields to the pre-attack level which was 4.9 million bbl and 1.3 million bbl respectively. 

The US military leaders expressed intentions to deploy about 200 soldiers to Saudi Arabia to assist in countering air attacks. Moreover, the US Pentagon representative also stated that additional Patriot and THAAD systems can be sent to Saudi Arabia if needed.

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27 September, 2019 11:50

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