Crude oil climbs as Saudis said to plan to cut exports by 800K bbl/day
Seeking Alpha
Published Jan 07, 2019 11:19AM ET
Crude oil climbs as Saudis said to plan to cut exports by 800K bbl/day
- Crude oil extends its recent rally from 18-month lows, bumping to highs of the day after OPEC officials say Saudi Arabia plans to cut crude exports to 7.1M bbl/day by the end of January, as it seeks a return to $80/bbl oil to cover a massive government spending boost: WTI +3.4% to $49.61/bbl, Brent +2.8% to $58.66/bbl.
- The reduction of as much as 800K bbl/day from November levels would effectively go beyond commitments the Saudis made last month to OPEC, but cartel officials say the effort is unlikely to be enough to lift prices to a level the Saudis desire, WSJ reports.
- OPEC oil supply fell in December by 460K bbl/day to 32.68M bbl/day, according to a Reuters survey, led by cuts from Saudi Arabia.
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