Saudi Arabia says it will maintain a production cut of 1 million barrels of oil a day through the end of the year.
The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.
The announcement could further prop up oil prices, which are hovering around $90 a barrel. Production cuts first announced by Saudi Arabia and Russia in JulyThe Saudi Energy Ministry reaffirmed that the cuts would continue through the end of the year in a brief statement posted on its website Wednesday attributed to “an official source.” It said the kingdom would continue to produce 9 million barrels per day in November and December.
“The source stated that this voluntary cut decision will be reviewed next month to consider deepening the cut or increasing production,” the statement said. Benchmark U.S. crude oil for November delivery rose 41 cents to $89.23 a barrel Tuesday. Brent crude for December delivery rose 21 cents to $90.92 a barrel.by Crown Prince Mohammed bin Salman to overhaul the economy, reduce the kingdom’s dependence on oil and create jobs for young people.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saudi Arabia says it will maintain production cuts that have helped drive oil prices upSaudi Arabia says it will maintain a production cut of 1 million barrels of oil a day through the end of the year.
Read more »
Saudi Arabia says it will maintain production cuts that have helped drive oil prices upSaudi Arabia on Wednesday confirmed that it will maintain a production cut of 1 million barrels of oil a day through the end of the year.
Read more »
Saudi Arabia says it will maintain production cuts that have helped drive oil prices upSaudi Arabia says it will maintain a production cut of 1 million barrels of oil a day through the end of the year.
Read more »
EV maker Lucid opens first-ever car plant in Saudi ArabiaThe plant aims to fulfill the growing demand for EVs both in the domestic and export markets in the region.
Read more »
Supply cuts from Saudi Arabia remain price drivers for oil heading into the fourth quarterThe global oil market will remain constrained after output cuts from Saudi Arabia, pushing prices higher in the fourth quarter.
Read more »