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Saudi Arabia will have fully restored the 5.7 million bpd in crude production shut-in by Saturday’s unprecedented attack on the Kingdom’s energy infrastructure and achieve 11 million bpd in output capacity by the end of September.
Oil prices are strongly 8 to 10 percent higher in the wake of the weekend drone attacks on the Saudi Arabia oil operations.
The new oil markets trading week could emerge with a very volatile pattern after the attack on Saudi Arabia’s oil operations.
A drone strike on Saudi Arabian oil fields has the potential to push oil prices strongly higher, have a negative impact on global equity prices, send gold prices higher and likely push the U.S. dollar higher versus most currency pairs.