Saudi Arabia’s proposed output cut send oil prices higher
by ChemOrbis Editorial Team - content@chemorbis.com
Saudi Arabia will cut 1 million barrels/day of its crude production from February as part of a deal between OPEC and OPEC-plus countries to keep oil output largely unchanged, according to media sources.
The decision by oil producers not to increase output suggests fresh worries over the strength of the economic recovery amid a renewed spike in COVID-19 cases globally.
Saudi Arabia’s proposed reduction in output sent oil price benchmarks higher.
February WTI rose $2.31/bbl to close at $49.93/bbl on Tuesday while March Brent gained $2.51/bbl to $53.60/bbl.
The decision by oil producers not to increase output suggests fresh worries over the strength of the economic recovery amid a renewed spike in COVID-19 cases globally.
Saudi Arabia’s proposed reduction in output sent oil price benchmarks higher.
February WTI rose $2.31/bbl to close at $49.93/bbl on Tuesday while March Brent gained $2.51/bbl to $53.60/bbl.
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