Saudi Arabia seeks to reassure on oil supplies after attack | Financial Times:
Saudi Arabia sought to reassure the oil market on Tuesday that it can keep customers well-supplied despite attacks on its key facilities, sending crude prices sharply lower and reversing part of the spike.
The kingdom’s crude oil production was cut by more than half at the weekend by strikes on its critical Abqaiq oil processing facility and a big oilfield, sending prices up by as much as 20 per cent on Monday.
People briefed on the extent of the damage at Abqaiq, which processes more than 70 per cent of the kingdom’s normal output, have warned it could take months before full production is restored.
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