Oil Plunges on Report Saudis May Soon Resume 70% of Lost Output - Bloomberg

Oil Plunges on Report Saudis May Soon Resume 70% of Lost Output - Bloomberg:

Oil plunged more than 6% in London after Reuters reported Saudi Arabia is close to restoring 70% of the oil production lost after this weekend’s attack.

Brent crude dropped as low as $64.48/bbl on the report, which cited an unidentified Saudi source saying it would return to full production in the next two to three weeks. Saudi Energy Minister Prince Abdulaziz bin Salman is scheduled to hold a press briefing on Tuesday in Jeddah.

Estimates of when, and how much, of the 5.7 million barrels a day of shut output would be back online has fluctuated since the attack. Significant volumes could come back within days, people familiar with the matter said over the weekend, adding that it could still take weeks to restore full capacity.