Oil Prices Drop on Report that Saudi Arabia Could Quickly Restore Much of Lost Production, an Industrial Info Market Brief

Oil prices dropped nearly 7% on Tuesday following a Reuters report that Saudi Arabia was close to restoring 70% of the oil production that was lost after the September 14 attack on Saudi oil facilities, according to Bloomberg. The Saturday attack on two major Saudi Aramco oil facilities in Abqaiq and Khurais had resulted in a 14% jump in global oil prices on Monday, the largest percentage gain since December 2018. The attacks disabled about half of Saudi Aramco's production.