Saudi Arabia will make additional, voluntary cuts to its oil production totalling one million barrels per day in February and in March, Energy Minister Prince Abdulaziz bin Salman said on Tuesday.
Saudi Arabia cements its role as leader of the global oil and gas market By Javier Blas, Grant Smith and Salma El Wardany on 1/6/2021
(Bloomberg) Saudi Arabia surprised the market with a large cut in crude production, an assertion of primacy over the global oil industry that came directly from the kingdomâs de-facto ruler.
The move papered over cracks in the OPEC+ coalition and was a U-turn from some recent Saudi oil-policy priorities, but those things paled in comparison next to the global impact of the decision. Crude prices jumped to a 10-month high and shares of energy giants in London and shale drillers in Texas surged.
Oil Pares Gains With U.S. Capitol Protests Shaking Risk Appetite
Bloomberg 1/6/2021 Andres Guerra Luz
(Bloomberg) Oil pared gains late in the session as protests in Washington overtook the U.S. Capitol, overshadowing a draw in U.S. crude inventories and Saudi Arabia’s surprise pledge to unilaterally cut output in the next two months.
Futures eased off 10-month highs in choppy trading after the market settled Wednesday. Earlier, oil rose after a U.S. government report showed domestic crude stockpiles declined last week by the most since August and oil exports from Saudi Arabia plunged to zero for the first time in 35 years.
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