Oil prices were down early Tuesday as investors’ worries eased with news that Saudi Arabia is expected to restore full production by next week.
International benchmark Brent crude was trading at USD64.29 per barrel at 0624 GMT for a 0.25% decline after closing Monday at USD64.45 a barrel.
American benchmark West Texas Intermediate was at USD58.32 a barrel at the same time for a 0.07% loss after ending the previous session at USD58.36 per barrel.
Saudi Arabia’s oil production was down by 5.7 million barrels per day (mbpd) due to drone attacks on its two major oil facilities. Since then the kingdom has restored around three-quarters of this volume, according to the latest news reports.
Saudi Energy Minister Prince Abdulaziz bin Salman said on Sept. 17. that output from national oil company, Saudi Aramco, will be fully back online by the end of September.
The kingdom’s oil production will reach 11 mbpd by the end of this month, and will continue to rise to 12 mbpd by the end of November, bin Salman said last week. (PNA)
more recommended stories
WHO Announces Ebola Outbreak In DRC Still Int’l Emergency
Ebola outbreak in Democratic Republic of.
Wuhan Mobilizes 34K Workers To Fight Covid-19
Wuhan, the epicenter of the coronavirus.
US Senate Acquits Trump On Both Articles Of Impeachment
US Senators voted 52 to 48.
World Leaders Brave Coronavirus For Peace Talks In Asia
Former President of Albania Alfred Moisiu,.