Saudi Arabia says oil production to return to normal by end of September

Oil plunged Tuesday after Saudi Prince Abdulaziz bin Salman said at a press conference that the country's oil production will be fully back online in the next few weeks. 

"The damage has been contained," Prince Abdulaziz said, adding that 50 percent of the lost production has been restored.

The kingdom was producing 9.6 million barrels of oil per day, or about 10 percent of the world's daily production, before drone attacks cut production in half. It expects to ramp production up to 11 million bpd by the end of the month.

Brent crude oil, the international benchmark was lower by 6.39 percent, or $4.41, to $64.61. West Texas Intermediate crude oil, the U.S. benchmark, was down $3.61, or 5.72 percent, at $59.30 a barrel.

Saudi Aramco CEO Amen Nasser said the state-run oil giant's initial public offering will go as planned. "Aramco IPO will happen anytime in the next 12 months," he said at the press conference.

The weekend drone attacks caused both Brent and WTI to soar by more than 14 percent on Monday.


The U.S. has blamed Iran for the attacks, but the Saudis weren't yet ready to point the finger at its neighbor.