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Oil Prices Fall as Saudi Quickly Restore Output; API Reports Rising Stockpiles


Wednesday, 18 September 2019 12:37 WIB

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Oil prices fell on Wednesday in Asia after Saudi Arabia's energy minister said the kingdom is recovering faster-than-expected from an attack on the weekend that knocked out 5% of global oil output.

U.S. Crude Oil WTI Futures were down 0.4% to $58.87 by 12:30 AM ET (04:30 GMT). International Brent Oil Futures fell 0.2% to $64.44.

Saudi Energy Minister Prince Abdulaziz bin Salman said in a press conference overnight that the kingdom will restore lost oil production by the end of September.

Average oil production in September and October would be 9.89 million barrels per day, he said, adding that Saudi would ensure full oil supply commitments to its customers this month.

Meanwhile, State-owned Aramco CEO Amin Nassser said full capacity of 12 million barrels per day would be back at the end of November.

Source : Investing.com


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