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NewsBreak: Oil Dives With Saudi Production Seen Recovering at End of Month

CommoditiesSep 17, 2019 03:54PM ET
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© Reuters.

Investing.com - Oil prices tumbled on Tuesday on news that Saudi Arabia expects to be producing 11 million barrels of crude by the end of the month, enough to fully supply the market, allaying fears the market could be without a large amount of Saudi oil for an extended period.

  • Aramco CEO Amin Nassser said the Abqaiq plant is processing about 2 million barrels per day, a little below half of the production before the facility was attacked, Bloomberg reported.
  • Full capacity of 12 million barrels per day would be back at the end of November, while 11 million barrels will be restored by the end of the month, the report said.
  • West Texas Intermediate crude, the U.S. benchmark blend, was down 5.4% to $59.28 per barrel by 2:41 PM ET (18:41 GMT).
  • Initial news reports quoted the minister as saying full production had already been restored.

NewsBreak: Oil Dives With Saudi Production Seen Recovering at End of Month
 

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titirisca aurelian
titirisca aurelian Sep 17, 2019 6:08PM ET
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something is not correct...at end of month it will produce again 11 mil from 2 mil now...and it will take 1 month to produce the difference of 1 mil?in addition...there are 2 weeks where the production of oil is not complete. what happens for the next 2 weeks? the prices goes down on a shortage of oil??? ***..
DONGHUN LEE
DONGHUN LEE Sep 17, 2019 5:44PM ET
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Aramco said it would take several months on Sunday and announced yesterday that the Saudi minister would take several weeks. Which would you believe, first announced by the company or later by a politician? A politician is a person who can lie for the purpose of the country or under outside pressure.
Nicolas Huygens
Nicolas Huygens Sep 17, 2019 5:44PM ET
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Sunday, with first observations they conclude that several months will be necessary. And now, 3 days later, they conclude that several weeks will be enough.
Charles Kao
ckao Sep 17, 2019 4:13PM ET
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Restore to normal production level and get all damage repaired are 2 different things. They can double the output of remaining 50% wells.  Just simple math.
Petru Zogo
Petru Zogo Sep 17, 2019 3:08PM ET
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I don't believe SA. Will take months to come back
Raj Sinha
Raj Sinha Sep 17, 2019 2:47PM ET
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It means the damage was not much as projected. it was done only to manipulate the market and inflate the price.
Max Jeric
maxj Sep 17, 2019 2:35PM ET
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someone trying to dump short positions cheap ..   impossible to get full repair crew onsite in 2 days LOL
Mein Ki
Mein Ki Sep 17, 2019 2:27PM ET
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Go buy-bye-by more and more oil simpletons.
Jozay Alojos
Jozay Alojos Sep 17, 2019 2:26PM ET
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damage like that takes weeks!!!
Stacey Beam
Stacey Beam Sep 17, 2019 2:22PM ET
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50% production cut repaired in 3 days. Ladies and gentlemen we have a new world record.
Masroor Abbasi
Masroor Abbasi Sep 17, 2019 2:22PM ET
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It's really amazing
Max Rochester
Max Rochester Sep 17, 2019 2:22PM ET
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lool well i made 2grand so im happy rince and reapy ill make 5grand next time
Law Florida
Law Florida Sep 17, 2019 2:22PM ET
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His eyes is lying
Mike Aiello
Mike Aiello Sep 17, 2019 2:19PM ET
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lol, yeah, right!
Charles Kao
ckao Sep 17, 2019 2:14PM ET
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Good for Saudi.  It took 4 weeks to repair my Honda after hit by a Stop sign runner.
Randy MBs
InvestorUser4393 Sep 17, 2019 2:14PM ET
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You should consider switching to Saudi Insured Premium Insurance
Kunal Rupani
Kunal Rupani Sep 17, 2019 2:02PM ET
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Pump and dump
Hany Maurice
Hany Maurice Sep 17, 2019 2:02PM ET
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Indeed :)
Bryan Gaddy
Bryan Gaddy Sep 17, 2019 2:02PM ET
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Sorry, dont believe this report... no way they are back up to full production
 
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