Sunday , May 16 2021

Saudi Arabia has transported & marketed, a leap in oil prices



Oil - Photo: AP

OilPhoto: AP

Saudi Arabia has announced that it will cut crude oil production by half a million barrels a day from next month.

This is seen as an indication that OPEK could issue a co-ordinated cut in production at the next meeting in December, in an attempt to maintain prices.

Brent crude oil dropped almost two percent to $ 71.55 per barrel this morning, while the lightweight US oil in New York jumped 1.3 percent to just over $ 61.


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