Saudi Arabia Set to Return to Normal Oil Production Levels | Weekly News Update

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Saudi Arabia Set to Return to Normal Oil Production Levels by End of Month

After the attacks on Saudi Arabian oil infrastructure that sent prices surging, prices recovered almost half of the gains just the day after.  This is due to Saudi Arabia announcing that they already have half of the lost production back online and they expect the remaining outages will be online by the end of September.  If the production volumes come online in the expected timeline, elevated prices should be short-term.  However, some Saudi officials believe it will take longer to get production up to levels before the attack.  Prince Abdulaziz says it won’t be until the end of November until the country is pumping at normal levels.  The country will tap into their reserves and import oil from other countries to make up for the losses in the short-term.  If tensions continue to escalate in the middle east, we could experience more price premiums.  To learn more about the Saudi attacks, check out our Advisor Pulse.

TuSimple to Use New Funds for System Development, Route Expansion

Self-driving company, TuSimple, received additional $120 million in funding apart of an extended Series D funding round, to reach a total of $215 million.  The funds will be used to continue system enhancements, expand routes, deploy more testing, and deliver on the company’s goal to create the safest and most efficient autonomous trucks on the road.  Some believe TuSimple is the industry leader in heavy-duty trucks because they currently are hauling real freight.  The company has been doing testing routes between Phoenix and Tuscan and between Phoenix and Dallas with UPS, one of the largest for-hire carriers in North America.

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WSJ: Saudi Arabia Set to Return to Normal Oil Production Levels by End of Month

Saudi Arabia will soon restore most of its oil output and return to normal production levels in weeks, the country’s energy ministry said Tuesday, following the attacks last weekend on the country’s facilities that hobbled the world’s largest oil exporter.

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