Saudi Arabia highly likely to extend 1 million bpd output cut until spring
Saudi Arabia, the world's largest oil exporter, is planning to extend oil production cuts through next year, while OPEC+ considers additional cuts in response to declining prices and rising tensions over the Israel-Hamas conflict, per Financial Times
After oil prices hit a four-month low of $77 a barrel last week, four sources familiar with the Saudi government's thinking said it was likely to prolong reductions 1 million barrel-a-day until at least the spring.
Market reaction
As of writing, the barrel of West Texas Intermediate (WTI) is up by 0.25% trading at $76.15
Reprinted from FXStreet_id,the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.