Saudi Arabia Will Resume Its Oil Production by the End of September
Oil production in Saudi Arabia will be fully restored by the end of September, authorities said. At the same time, United States Secretary of State Mike Pompeo is leaving for the kingdom to discuss the next steps after the airstrike against Saudi oil facilities.
Saudi Arabia will be able to quickly recover oil. Attacking drones against the facilities of the giant Aramco caused a temporary shutdown and halved oil production, equivalent to 6 percent of world production.
Saudi Minister of Energy: "Full production capacity will be restored to 11 million barrels per day by the end of September and up to 12 million barrels per day by the end of November."
US Secretary of State Mike Pompeo flew to Jeddah on the Red Sea for talks with Saudi Prince Mohammed bin Salman. The goal is to coordinate efforts against Iranian aggression in the region, according to an official statement from the State Department. Pompeo blamed Iran for the attack, and Tehran denies.
At the same time, senior US officials quoted by the BBC claim that the location of the attack was identified, and that is southern Iran - in the northern Gulf.
In the wake of the coup against Saudi oil infrastructure, gold prices plunged, and Donald Trump even allowed the release of certain volumes from US strategic reserves. The markets gradually calmed down and the US president made it clear that he no longer needed to use the reserve.