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Saudi Arabia says crude oil production to be fully restored by month end

Saudi Arabia’s energy minister has said that more than half of the country’s daily crude oil production that was knocked out by an attack had been recovered. He said that the production capacity at its targeted plants would be fully restored by the end of the month.

The attack early Saturday struck a Saudi oil field and the world’s largest crude oil processing plant in the kingdom’s eastern region. The oil field was taking out 5.7 million barrels of crude oil production per day for the kingdom, about 5 per cent of the world’s daily production.

The Minister’s briefing to reporters was highly anticipated around the world, with oil prices spiking more than 14 per cent on Monday, the first day of trading after the attacks. It was the biggest single-day jump in years due to the damaging attack.

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