Sunday , October 24 2021

Saudi Arabia shook the market, a jump in oil prices


Oil - Photo: AP

PetroleumPhoto: AP

Saudi Arabia has announced that it will cut crude oil output by half a million barrels a day from next month.

This is seen as a sign that OPEK could announce a coordinated cut in production at its next meeting in December in an attempt to keep prices up.

Brent crude rose nearly two percent to $ 71.55 a barrel this morning as US light crude in New York rose 1.3 percent to just over $ 61.

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