Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman sent prices soaring on Friday with the promise to take the kingdom’s production down to levels not seen on a sustained basis since 2014, data compiled by Bloomberg show.
SINGAPORE: Oil traded near the highest level in almost 12 weeks after Saudi Arabia surprised the market Friday with a significant supply cut beyond what was agreed to with fellow Opec+ members.
Futures in New York edged lower after climbing 1.3% Friday to cap a 7.3% weekly advance, the most since mid-June. The kingdom voluntarily pledged to pump 400,000 barrels a day less than mandated by Opec+, translating to total overall curbs for the group of 2.1 million barrels a day.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
