Saudi Arabia is ready to reduce its crude oil output by up to 4 million barrels per day from April level, Reuters reported on Thursday, citing a source briefed on Saudi Arabia’s policy. “Saudi Arabia insists it can cut oil output only from newly achieved production levels of 12.3 million barrels per day,” the source further added. Market reaction Crude oil prices fell sharply on this headline and the barrel of West Texas Intermediate was last seen trading at $25.90, erasing 0.75% on a daily basis. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/INR New York Price Forecast: Greenback off fresh record highs vs. Indian rupee FX Street 2 years Saudi Arabia is ready to reduce its crude oil output by up to 4 million barrels per day from April level, Reuters reported on Thursday, citing a source briefed on Saudi Arabia's policy. "Saudi Arabia insists it can cut oil output only from newly achieved production levels of 12.3 million barrels per day," the source further added. Market reaction Crude oil prices fell sharply on this headline and the barrel of West Texas Intermediate was last seen trading at $25.90, erasing 0.75% on a daily basis. Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
