Commodities & Energy

Reuters reveals Saudi Arabia to ship less oil in December as it floats cut talks possibility

Reuters reveals Saudi Arabia to ship less oil in December as it floats cut talks possibility

Reuters was first to report Saudi Arabia was discussing a proposal that could see OPEC and non-OPEC oil producers cut output by up to 1 million barrels per day to battle falling oil prices, after softer than expected U.S. sanctions on Iran’s oil industry and expectations for expanded non-OPEC supply in 2019. Oil prices rose around two percent following the report, with gains extending further as Saudi energy minister Khalid al Falih confirmed the news, stating that OPEC and its allies agreed that technical analysis showed a need to cut oil supply next year to balance the global market.