Saudi Arabia is actively reducing production and export of oil, because for balancing the country's budget it needs oil prices to reach $80 per barrel. To realize this goal, Saudi Aramco, the state-owned company, intends to reduce the supply of oil to its customers in April by 635,000 barrels per day, Reuters writes, citing a Saudi official. In March, its supplies will be reduced by 16% compared with November 2018, when the country fulfilled the requirements of the US president to increase production and exports. According to The Wall Street Journal, referring to sources in OPEC, in order to fulfill the budget of 2019 in terms of expenditures of $295 billion, Saudi Arabia needs to continue to reduce oil production and exports until oil prices stabilize at between 80 and 85 dollars per barrel.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
Oil prices fell on Monday as a surge in coronavirus cases and the escalating U.S.-China tensions prompted a safe-haven bid. Brent crude slid 0.2%, or 8 cents, at $43.26 per barrel. U.S. West Texas Intermediate crude fell 0.2%, or 7 cents, ...