Saudi Arabia announces oil production rates return to normal levels
Saudi Prince Abdulaziz bin
Salman said that the country's oil production returned to normal rates before
the terrorist attack against Saudi oil fields.
In a press conference,
he added that the damage has been contained, adding that 50 percent of the lost
production has been restored.
The kingdom was
producing 9.6 million barrels of oil per day, or about 10 percent of the
world's daily production, before drone attacks cut production in half. It
expects to ramp production up to 11 million bpd by the end of the month.
Brent crude oil, the
international benchmark was lower by 6.39 percent, or $4.41, to $64.61. West
Texas Intermediate crude oil, the U.S. benchmark, was down $3.61, or 5.72
percent, at $59.30 a barrel.
The U.S. has
blamed Iran for the attacks, but the Saudis weren't yet ready to point the
finger at its neighbor.