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Saudi Energy Minister Khalid al-Falih said the kingdom is cutting deeper than the OPEC+ agreement requires, with February output near 10.1 million bpd against a 10.3 million ceiling. Saudi exports cuts will be concentrated on the US market.
Deeper Saudi cuts tighten global crude supply and support prices. Higher oil costs raise diesel and freight expenses for feed makers.
oilprice.comTsvetana ParaskovaFeb 1, 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.
