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Saudi Energy Minister Khalid al-Falih told the Financial Times that Saudi Arabia plans to produce about 9.8 million bpd in March, more than 500,000 bpd below its pledged level. Exports would fall to 6.9 million bpd.
The news lifted Brent by more than 2 percent to near $63.
A deeper voluntary Saudi cut tightens near-term crude supply, which supports energy costs and biofuel feedstock values.
energynow.comFeb 12, 2019After 442 past bullish policy events, Crude Oil (Brent) moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% over 20.
After 438 past bullish policy events, Crude Oil (WTI) moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
