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Oil Prices Fall Again After Positive Reports Oil Production in Saudi Arabia,


Oil prices

Oil prices fell by more than 6 percent , after it became known that oil production in Saudi Arabia may be able to resume within two to three weeks. CEO Amin Nasser says that state oil company Aramco produces 2 million barrels of oil a day at its site in Abqaia. This is 41 percent of the output for the bombing. The US is now certain that the drone attacks against the Saudi oil installations have taken place on Iranian territory. That's what an American policy officer said.


The price of a barrel of American oil (of 159 liters) fell by around 6.22 percent to $ 59.02 this afternoon around 4.30 pm and the European type of Brent oil fell 6.42 percent to $ 64.63 per barrel. Yesterday Brent oil went up by 19 percent or 11 dollars. The strongest price increase ever, according to the Bloomberg news agency.


According to CEO Nasser, crude oil production in Abqaiq, the world's largest oil refinery, will return to pre-attack levels by the end of the month, around 4.9 million barrels per day.

 He thereby confirms reports from the Reuters news agency, which earlier this day based on anonymous sources reported that production could be back on track within two to three weeks, following the attacks on Saudi oil installations last weekend. It was previously feared that it could take months before the production was largely restored. Saudi Arabia is said to have already made up for around 70 percent of the production loss of 5.7 million barrels of oil per day.

Because of the drone attacks on the oil facilities in Abqaiq and Khurais, around 5 percent of oil production worldwide was flat.

Iranian territory

Although the attack was claimed by Houthi rebels operating from Yemen, the American intelligence services have enough elements to determine that the attacks have taken place on Iranian territory and that cruise missiles have been used. An American policy officer - who wishes to remain anonymous - has told the French press agency AFP. Three sources say that on Saturday attacks both cruise missiles and drones were used. .

US President Donald Trump said yesterday that Iran seemed to be behind the attack. The American foreign minister, Mike Pompeo, is leaving for Saudi Arabia  for consultations.

British Prime Minister  Boris Johnson and German Chancellor Angela Merkel, for their part, are calling for a "collective response" from the international community to the attacks. Great Britain and Germany, however, warn that "no new escalation should come from tensions in this region".

Iran denies

Iranian Foreign Minister Mohammad Javad Zarif, in turn, denied any Iranian involvement. "The United States lives in denial when they think the Yemeni victims of 4.5 years of the worst war crimes would not do anything to fight back," he said on Twitter. 

“Perhaps it is embarrassing that hundreds of billions of his weapons have not been able to intercept the Yemeni weapons. But blaming Iran will do nothing about it. Stopping the war is the only solution for everyone. "

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