Oil tumbles on report Saudis will soon recover 70% of daily production

Daniel Strauss

Sep 17, 2019, 20:04 IST

Oil tumbles on report Saudis will soon recover 70% of daily production

Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia, Sunday, Sept. 15, 2019. The weekend drone attack in Buqyaq on one of the world's largest crude oil processing plants that dramatically cut into global oil supplies is the most visible sign yet of how Aramco's stability and security is directly linked to that of its owner -- the Saudi government and its ruling family. (AP Photo/Amr Nabil)

Oil dropped on Tuesday after Reuters reported Saudi Arabia's output will return to normal in the next two to three weeks.
Saudi Arabia is close to recovering 70% of its daily production of 5.7 million barrels, according to the report, which cited a top Saudi source briefed on the matter.
WTI Crude fell more than 3%, while Brent Crude slid as much 4%.
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Oil slid on Tuesday after Reuters reported Saudi Arabia's oil production is expected to fully recover in two to three weeks.

The country is close to restoring about 70% of its daily output of 5.7 million barrels, according to the report, which cited a top Saudi official briefed on the matter.

WTI crude plunged as much as 3%, while Brent Crude tumbled as much as 4%.

The drop comes just a day after oil posted its largest single day gain following a drone strike on key Saudi facilities that threatened to disrupt production. The country is responsible for about 6% of the world's daily oil output.

The developments are earlier than initial forecasts from analysts, which expected output could be crippled for up to several months.