Energy Minister Prince Abdulaziz bin Salman said oil production in October would be 9.89 MMbbl/d and that the world’s top oil exporter would ensure full oil supplies to customers this month.
As oil prices drop on Sept 17, sources say full repairs were still expected to last until at least the end of October.
Before the attacks on Saudi Arabia's oil installations on Sept. 14, hedge fund managers had started to become more bullish, or at least less bearish, about the prospects for oil prices amid hope for a trade truce between the United States and China.
Department of Energy is ready to respond if a release from the Strategic Petroleum Reserve is needed, he says.
Ramping up tensions with a country like Iran invites a counterpunch, says Reuters columnist.
As expected, Brent lost momentum at the end of the week. The International Energy Agency’s latest Oil Market Report revealed their expectation that rebalancing would need to continue through 2020 based on current stock levels and lackluster demand growth.
Oil prices surged more than 15% to their highest level in nearly four months as markets open after an attack on Saudi Arabia's oil facilities on Saturday that knocked out more than 5% of global oil supply.
The oil market will rally by $5 to $10 per barrel when it opens on Monday and may spike to as high as $100 per barrel if Saudi Arabia fails to quickly resume oil supply lost after attacks over the weekend, traders and analysts said.
An attack on Saudi oil facilities on Saturday will cut the kingdom's output by 5.7 million barrels per day, or more than 5% of global oil supply. making the United States the only real holder of the global supply cushion via its ability to raise own output or to soften sanctions against other major oil producers.
Redburn, the equity research house, has removed all “buy” ratings from the biggest integrated oil companies, arguing that the industry faces an “existential risk” as long-term forecasts for oil demand are up to 30% too high.