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Sunday, 11 December 2016

Saudis signal deeper oil cuts after deal with non-Opec countries | GulfNews.com

Saudis signal deeper oil cuts after deal with non-Opec countries | GulfNews.com:
"Saudi Arabia signalled it’s ready to cut oil production more than expected, a surprise announcement made minutes after Russia and several non-other Opec countries pledged to curb oil production next year.
Taken together, the Organisation of Petroleum Exporting Countries’s first deal with its rivals since 2001 and the Saudi comments represent a forceful effort by producers to wrest back control of the global oil market, depressed by persistent oversupply and record inventories.
“This is shock and awe by Saudi Arabia,” said Amrita Sen, chief oil analyst at Energy Aspects in London. “It shows the commitment of Riyadh to rebalance the market and should end concerns about Opec delivering the deal.”
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