Top oil exporters Saudi Arabia and Russia confirmed on Sunday they would continue with their additional voluntary oil output cuts until the end of the year as concerns over demand and economic growth continue to weigh on crude markets.
The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina//File PhotoDUBAI, Nov 5 -
Saudi Arabia confirmed it would continue with its additional voluntary cut of 1 million barrels per day translating into a production of around 9 million bpd for December, a source at the ministry of energy said in a statement. Oil hit a 2023 high in September at near $98 a barrel for Brent crude, although it has since weakened to trade around $85 a barrel on Friday, despite support from the conflict in the Middle East.
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Saudi Arabia extends 1 million-barrel-a-day oil production cut through DecemberWilliam Watts is MarketWatch markets editor. In addition to managing markets coverage, he writes about stocks, bonds, currencies and commodities, including oil. He also writes about global macro issues and trading strategies. During his time at MarketWatch, Watts has served in key roles in the Frankfurt, London, New York and Washington, D.C.
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