Thursday , February 25 2021

Saudi Arabia has changed the market – the oil price downturn



Oil - Photo: AP

OilPhoto: AP

Saudi Arabia has announced a reduction in crude oil by half a billion barrels a day next month.

This is considered an indication that OPEC could announce at the next meeting in December that a cut in production is being sought in an effort to maintain prices.

Brent crude oil rose by nearly two percent to $ 71.55 a barrel this morning, while US light oil in New York rose by 1.3 percent to just over $ 61.


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