According to The Wall Street Journal, Saudi Arabia wants oil producers to comply with the current output cuts rather than pushing for a deeper reduction in oil production ahead of the highly-anticipated Aramco IPO.
“Saudi Arabia is set to push the Organization of the Petroleum Exporting Countries to make deeper oil-production cuts by pressuring laggard members ahead of its state-run oil company’s massive initial public offering,” wrote the WSJ’s Benoit Faucon and Summer Said. “The effort is aimed at bolstering oil prices and reminding potential Aramco investors of Saudi Arabia’s considerable sway within OPEC, people familiar with the plan said.”
Crude oil prices came under modest selling pressure on these headlines and the barrel of West Texas Intermediate was last down 0.5% on the day at $56.90.
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