Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman al Saud said oil production would return to normal levels at the end of September during a press conference in Jeddah on Tuesday.
He also stated that more than 50 per cent of its daily crude oil production which had been disrupted as a result of recent attacks on Saudi Arabia's oil facilities had been recovered.
"In the last two days there was a containment of the damages and the recovery of more than 50 percent of production that was disrupted as a result of this terrorist attack," the Prince said.
He went on to say that the production capacity of the country would be "11 million barrels a day by the end of September and up to 12 million barrels in November," adding that the country has managed to recover supplies to its customers to the pre-attack levels "by drawing from its reserves of crude oil."
The drone attacks took place on September 14 at an oil processing facility in Abqaiq and the Khurais oil field, effectively cutting 5.7 million barrels per day or 5 per cent of global output. Houthi militants operating in Yemen claimed responsibility for the attack. However, US authorities have accused Iran of the attacks, which Iran has rejected.