NewsBreak: Oil Spikes on Reports Saudi Arabia Will Cut 400,000 B/D
Investing.com -- Crude oil futures spiked to their highest level in almost three months after reports citing Saudi Arabia's oil minister as saying that the kingdom would continue to over-comply with an agreement to cut production and support world prices.
The so-called OPEC+ group agreed to withhold an aggregate 500,000 barrels a day more from world markets for the three months through March, bringing the total amount of oil withheld to 1.7 million barrels a day. However, reports cited Prince Abdullaziz bin Salman as saying that Saudi Arabia would continue to produce 400,000 bpd below its own agreed output ceiling. UBS analyst Gianni Staunovo said via Twitter this pointed to an absolute Saudi production level of 9.751 million bpd for the period.
U.S. WTI Futures at $59.62 a barrel, vs $58.11 immediately before the comments
Brent futures at $64.75 a barrel vs $63.38.
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