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Saudi Arabia to Cut 1 Million Barrels Per Day in February, March

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   |    Tuesday,January 05,2021

In a surprise move, Saudi Arabia said today it will cut 1 million barrels of oil per day in February and March under a new Opec+ agreement.    This means the country will produce 8.1 million barrels down from 9.1 million bbls/d. 

The deal came at the end of two days of negotiating.  OPEC+ group also agreed to increase 75,000 barrels per day in February and another 75k bbls/d in March.

This agreement came about as a result of Russia and Kazakhstan needing to increase their production by 65k bbls/d and 10k bbls/d each month respectively.

"Saudi Arabia's voluntary cut will help to faster stabilise the oil market," Russia's deputy prime minister Alexander Novak said today.

As a result oil stocks rallied and WTI hit $50 in early day trading.


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