Saudi Arabia to cut production by 167,000 B/D

Author: Greg Michalowski | Category: News

From OPEC+

  • Saudi Arabia will continue to voluntarily cut 400K B/D and will cut an additional -167K
  • total OPEC+ cuts will amount to 2.1 million B/D after improved compliance.
  • need to show are serious about output cuts
  • no interest in fiddling the numbers on cuts
  • we don't want oil inventories to rise in 1Q
  • OPEC+ showing readiness by meeting in March
Aramco will start trading on Wednesday next week. There is an incentive for Saudi to keep the price elevated into the trading next week. 
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