Citing two sources briefed on the Saudi oil operations, Reuters reported that Saudi Arabia’s oil output would return to normal levels quicker than initially thought. Commenting on the latest developments, sources said that the output was expected to be fully back online in the next two to three weeks.
With the initial market reaction to these remarks, crude oil prices turned south and the barrel of West Texas Intermediate was last seen trading at $59.75, losing 3.3% on a daily basis.
“Saudi Arabia is close to restoring 70% of the 5.7 million barrels per day of oil output loss,” sources told Reuters. “The impact on Saudi Arabian oil exports has been minimal during the crisis thanks to storage.”
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