Crude oil prices have spiked after Saudi Arabia vowed to cut production
Now Saudi Arabia wants to act to prevent a further slide in prices and is leading discussions on cutting oil output next year, sources said.
: THE BUSINESS TIMES Energy & Commodities - [SINGAPORE] Oil prices rose by about one per cent on Monday after top exporter Saudi Arabia announced a cut in supply for December, seen as a measure to halt a market slump that had seen crude decline by 20 per cent since early October.. Read more at The Business Times.
Oil stemmed its slump into a bear market after OPEC and its allies started laying the groundwork to cut supply in 2019, reversing an almost year-long expansion. West Texas Intermediate crude futures jump as much as 1.3 percent in New York to $60.97 a barrel after sliding 4.
ENERGY To prop up oil prices, producers begin to weigh cuts Major oil producers meeting in Abu Dhabi, United Arab Emirates, on Sunday signaled that they were considering once again changing course and cutting production. But the group, which included the Saudi oil minister, Khalid al-Falih, and his Russian counterpart, Alexander Novak, did not make any firm decisions.
Momentum seems to be growing among major oil producers to reduce output in an effort to end a slump in prices.
Major oil producers Opec Sunday that crude supply next year would outstrip demand, calling for new strategies based on production adjustments