OIL prices fell today after Saudi Aramco said its production would be back to normal inside two weeks after the attack on its plants last weekend.
The oil market was thrown into turmoil on Monday, with prices soaring on fears of a crash in supply.
The attacks on the Saudi facility forced Aramco to half its production, taking 5% off world market supplies.
Last night energy minister Prince Abdulaziz bin Salman said average oil production in September and October would be 9.89 million barrels per day and that it would ensure full commitments to its customers this month.
“We have contained the damage and restored more than half of the production that was down as a result of the terrorist attack,” he told a news conference in Jeddah.
“Oil supplies will be returned to the market as they were before 3.43am Saturday,” he said, adding that state oil giant Aramco had emerged “like a phoenix from the ashes” after the attack.
Brent crude fell 0.7% to $63.11.
Aramco has faced questions about its security in the wake of the drone attacks, assumed to have come from Iran. The US is considering a response.
