Correction: Saudi energy minister says oil production will be fully back online by the end of September.
Saudi oil production will be fully back online by end of September, the kingdom's Energy Minister Prince Abdulaziz bin Salman told media during a press conference in Jeddah on Monday.
Abqaiq in Saudi Arabia's Eastern province and the nearby Khurais oil field, Saudi Arabia's second-largest, suffered fire damage on Saturday that shut shut out 5.7 million barrels of daily crude production. That represents 50% of the kingdom's oil output, or 5% of global oil production. In August, Saudi Arabia produced 9.85 million bpd, significantly below an output cut target it had coordinated with other OPEC and non-OPEC members to boost crude prices in a global low-demand environment.
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