Saudi Arabia says oil production ‘fully back online’

Should the US be concerned about lack of global oil supply?

Refinitiv Oil Market Analyst Carl Larry on whether the U.S. should be worried about the lack of global oil supply in wake of the Saudi Aramco oil field attacks.

Oil plunged Tuesday after Saudi Prince Abdulaziz bin Salman said at a press conference that the country's oil production is “fully back online.” He added oil supplies have been returned to pre-attack levels and that 50 percent of the lost production has been restored..

It had previously expected to return to full capacity in a month or longer.

Saudi Arabia, OPEC’s most influential member and the world’s second-largest oil producer, accounts for more than 10 percent of daily crude oil production.

West Texas Intermediate was down $3.61, or 5.72 percent, at $59.30 a barrel.

Both West Texas Intermeidate and Brent crude oils surged more than 14 percent Monday after weekend drone attacks on Saudi Arabia's facilities took half of the kingdom's production offline.

CLICK HERE TO READ MORE ON FOX BUSINESS

The U.S. has blamed Iran for the attacks, but the Saudis aren't yet ready to point the finger at its neighbor.

This story is developing. Check back for updates.