Saudi Arabia restarts old oil fields to compensate production
Oil prices recovered somewhat on Tuesday from the huge price rise that was achieved the day before. The attack on two major oil installations in Saudi Arabia, with which about 5 percent of global oil production was shut down, led to the largest price rise in oil prices in history.
The price of American oil fell 1.4 percent to $ 62.01 a barrel around 6:30 am. Brent oil fell 1.1 percent to $ 68.28 a barrel. When the US trade closed on Monday, there were still gains of 12.9 percent and 13 percent respectively.
Oil installations in Abqaiq and Khurais were hit by several drones on Saturday. Abqaiq’s oil field in northeastern Saudi Arabia is home to the world’s largest oil refinery. The field in Khurais, between the capital Riyadh and the Persian Gulf, is one of the most important oil fields in the country. Oil giant Saudi Aramco expects that it will take weeks to months before most of the production problems are solved.
The company restarts old, inactive fields to compensate for part of the lost production. Reserves are also used. Earlier, US President Donald Trump also indicated that the United States can use its reserves to cope with capacity problems on the oil market.