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Sat, Dec 15, 2018 | Last Updated 9:31 pm IST

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World's biggest OIL supplier Saudi Arabia announced plans to cut production

World's biggest OIL supplier Saudi Arabia announced plans to cut production
World's biggest OIL supplier Saudi Arabia announced plans to cut production
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New Delhi sources stated that oil prices climbed on Monday as the world's biggest supplier Saudi Arabia announced plans to cut production, in the face of fears of oversupply. Meanwhile Saudi Arabia's energy minister said that oil producing nations should cut output by one million barrels per day to re-balance the market. Accordingly Khalid al-Falih's comments follow a meeting in Abu Dhabi at the weekend, where the OPEC group and its allies had already started laying the groundwork to cut supply in 2019, reversing an almost year long expansion.



Meanwhile Saudi Arabia had said the kingdom would cut its production by 500,000 barrels per day. As per report oil prices advanced steadily through Monday, with both Brent Crude and West Texas Intermediate (WTI) seeing gains of more than a dollar per barrel. Neil Wilson, chief market analyst at Markets.com said "In the short term this is a positive for oil, but we must question the impact longer term unless it's the sign of more to come from OPEC”.

World

Accordingly "Saudi Arabia cannot act alone though realistically it needs to pull together OPEC allies, and critically Russia, to curb production if it wants prices to hold. Hence the language from Russia suggests it is not ready to follow the Saudis yet." Previously higher US energy stockpiles drove WTI crude to its longest losing streak in more than 30 years, while Brent Crude dropped below USD 70 a barrel for the first time since April.


World's biggest OIL supplier Saudi Arabia announced plans to cut production
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