# Oil plunges on report Saudi Arabia may soon restore most of lost output

> Oil plunged nearly 7% in London on September 17 after Reuters reported Saudi Arabia was close to restoring 70% of lost output, with full production expected within weeks. Brent fell as low as $64.48 and WTI dropped toward $59.42.

- Date: 2019-09-17 · published 2019-09-17T12:00:00.000Z
- Category: geopolitics · region Saudi Arabia · magnitude medium
- Page: https://feedsoft.ai/events/57242-oil-plunges-on-report-saudi-arabia-may-soon-restore-most-of-lost-output
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Quicker Saudi recovery reduces the supply risk premium, pushing crude and diesel costs lower for feed producers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2019-09-18 | [Oil prices: Saudi Arabia pledges to restore production after drone attacks](https://feedsoft.ai/events/57237-oil-prices-saudi-arabia-pledges-to-restore-production-after-drone-attacks.md) | -2.2% | -9.4% |
| BRENT | 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) | -0.1% | -9.2% |
| BRENT | 2020-03-08 | [Oil prices crash by most since 1991 as Saudi Arabia launches price war \| CNN Business](https://feedsoft.ai/events/4426-oil-prices-crash-by-most-since-1991-as-saudi-arabia-launches-price-war-cnn.md) | -27.3% | -36.6% |
| BRENT | 2020-03-08 | [Saudi Arabia slashes April oil selling prices as OPEC+ fails to extend output curbs](https://feedsoft.ai/events/4424-saudi-arabia-slashes-april-oil-selling-prices-as-opec-fails-to-extend-output.md) | -27.3% | -36.6% |
| BRENT | 2020-04-06 | [Oil falls after Saudi Arabia, Russia delay meeting, Cushing stockpiles soar \| Reuters](https://feedsoft.ai/events/53814-oil-falls-after-saudi-arabia-russia-delay-meeting-cushing-stockpiles-soar.md) | -12.0% | -18.2% |
| WTI | 2019-09-18 | [Oil prices: Saudi Arabia pledges to restore production after drone attacks](https://feedsoft.ai/events/57237-oil-prices-saudi-arabia-pledges-to-restore-production-after-drone-attacks.md) | -3.4% | -10.9% |
| 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 prices crash by most since 1991 as Saudi Arabia launches price war \| CNN Business](https://feedsoft.ai/events/4426-oil-prices-crash-by-most-since-1991-as-saudi-arabia-launches-price-war-cnn.md) | -23.0% | -31.2% |

## Sources

- worldoil.com: https://www.worldoil.com/news/2019/9/17/oil-plunges-on-report-saudi-arabia-may-soon-restore-most-of-lost-output

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