The effective oil supply cuts by OPEC+, G20 nations and SPR purchases will account to about 19.5 billion barrels per day (bpd) in total global reductions, Saudi Arabia’s energy minister Prince Abdulaziz bin Salman told reporters on Monday. “Oil purchases into reserves seen at 200 million barrels over the next couple of months would contribute towards effective output cuts,” bin Salman added. “Saudi Arabia could cut oil output below the current quota of 8.5 million bpd if there was a need by market and if reductions are done collectively with others on a pro-rata basis.” The minister further noted that the Kingdom is not delaying its plans to raise the oil output capacity to 13 million bpd post OPEC+ cut pact. Market reaction Crude oil prices edged higher on these comments and the barrel of West Texas Intermediate was last seen trading at $23.40, adding 1% 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 CFTC Positioning Report: GBP net longs dropped to 2-year lows FX Street 2 years The effective oil supply cuts by OPEC+, G20 nations and SPR purchases will account to about 19.5 billion barrels per day (bpd) in total global reductions, Saudi Arabia's energy minister Prince Abdulaziz bin Salman told reporters on Monday. "Oil purchases into reserves seen at 200 million barrels over the next couple of months would contribute towards effective output cuts," bin Salman added. "Saudi Arabia could cut oil output below the current quota of 8.5 million bpd if there was a need by market and if reductions are done collectively with others on a pro-rata basis." The minister further noted that the Kingdom is… Regulated 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.
