# Oil prices: Saudi Arabia pledges to restore production after drone attacks

> Saudi Energy Minister Prince Abdulaziz bin Salman said the kingdom would restore oil supply quickly after drone attacks knocked out 5.7 million barrels per day of crude output. UBS raised its three-month Brent range to $59-$71, and Commerzbank expects Brent to fall to $60 next year as fundamentals weaken.

- Date: 2019-09-18 · published 2019-09-18T12:00:00.000Z
- Category: geopolitics · region Saudi Arabia · magnitude medium
- Page: https://feedsoft.ai/events/57237-oil-prices-saudi-arabia-pledges-to-restore-production-after-drone-attacks
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Expected restoration of Saudi output eases the supply premium, so analysts see prices retreating from the spike, which lowers energy and diesel input costs for feed producers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-09-17 | [Oil plunges on report Saudi Arabia may soon restore most of lost output](https://feedsoft.ai/events/57242-oil-plunges-on-report-saudi-arabia-may-soon-restore-most-of-lost-output.md) | -6.9% | -15.0% |
| WTI | 2020-03-06 | [Russia-Saudi Oil Alliance Under Pressure as Moscow Rejects Production Cuts - The Moscow Times](https://feedsoft.ai/events/54055-russia-saudi-oil-alliance-under-pressure-as-moscow-rejects-production-cuts-the.md) | -31.3% | -45.0% |
| WTI | 2018-11-26 | [Saudi Arabia pumps record amount of oil as Trump piles on pressure \| Reuters](https://feedsoft.ai/events/61947-saudi-arabia-pumps-record-amount-of-oil-as-trump-piles-on-pressure-reuters.md) | -4.2% | -14.3% |
| WTI | 2020-03-08 | [Oil price war between Saudi, Russia after failed OPEC deal](https://feedsoft.ai/events/54278-oil-price-war-between-saudi-russia-after-failed-opec-deal.md) | -23.0% | -31.2% |
| WTI | 2020-01-08 | [Oil Prices Drop Sharply as Worry Over Iran Attacks Fades](https://feedsoft.ai/events/9663-oil-prices-drop-sharply-as-worry-over-iran-attacks-fades.md) | -7.0% | -18.9% |
| BRENT | 2019-09-17 | [Oil plunges on report Saudi Arabia may soon restore most of lost output](https://feedsoft.ai/events/57242-oil-plunges-on-report-saudi-arabia-may-soon-restore-most-of-lost-output.md) | -5.8% | -14.0% |
| BRENT | 2026-05-03 | [OPEC+ countries, including Saudi Arabia and Russia, to boost oil production \| AP News](https://feedsoft.ai/events/19149-opec-countries-including-saudi-arabia-and-russia-to-boost-oil-production-ap-news.md) | -9.5% | -14.6% |
| BRENT | 2020-03-06 | [Russia-Saudi Oil Alliance Under Pressure as Moscow Rejects Production Cuts - The Moscow Times](https://feedsoft.ai/events/54055-russia-saudi-oil-alliance-under-pressure-as-moscow-rejects-production-cuts-the.md) | -36.6% | -51.4% |

## Sources

- cnbc.com: https://www.cnbc.com/2019/09/18/oil-prices-saudi-arabia-pledges-to-restore-production-after-drone-attacks.html

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.