Two weeks ago, the world’s biggest crude exporter stunned energy traders by announcing that rather than restore halted production as planned it would slash supplies by a further 1 million barrels a day. On Tuesday, the International Energy Agency slashed forecasts for world oil demand in the first quarter as countries hunker down to contain new coronavirus outbreaks.
OPEC Production Rose Last Month as Libya Continued Comeback bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
SAUDI Arabia raised pricing for oil customers in Asia and the US after its shock move this week to cut output sent crude prices climbing. Read more at The Business Times.
Saudi vows extra cuts as OPEC+ agrees small rise in oil output
Saudi Arabia pledged additional, voluntary oil output cuts of one million barrels per day (bpd) in February and March as part of a deal under which most OPEC+ producers will hold production steady in the face of new coronavirus lockdowns.
Saudi is going beyond its promised cuts as part of the OPEC+ group of producers to support both its own economy and the oil market, Energy Minister Prince Abdulaziz bin Salman said on Tuesday.
“If there is one way to describe what its voluntary cut means for the market, ‘happy hour’ is a pretty fitting term,” Rystad Energy analyst Bjornar Tonhaugen said in a note.