The weekend drone attacks on Saudi Aramco’s Abqaiq refinery and the Khurais oilfield, Saudi Arabia’s second-largest, has sent shockwaves through markets.

In an interview with CNBC-TV18, Sushant Gupta, Research Director at Wood Mackenzie, said the oil market will remain volatile as the extent and duration of the disruption in Saudi oil production remain uncertain.

"Saudi Arabia has said it will try to bring back production to the earlier level as soon as possible, promising one third of the production by the end of today. But the remaining production might take a few weeks or even months to come back in the market. So, the market will remain volatile. There is not enough spare OPEC capacity in the system which can really fulfil the gap," Gupta noted.

Gupta believes the impact of the incident will be on the market for some weeks or months and crude prices will stay in the $70-75 range at least for the next few weeks.

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