Despite earlier comments that the Saudis did not appear to have implemented their output cut (as per OPEC agreement), WSJ reports that Saudi Arabia cut oil output – fully implementing OPEC cut pledge. Oil is bouncing on the news.
From this morning – no cut!:
Saudi Arabia crude supplies have been abundant and doesn’t look to be cutting, Takashi Hirose, Executive Vice President at TonenGeneral, says in Tokyo on Thursday.
And now – Fully cut…
BREAKING: Saudi Arabia has cut oil output by at least 486,000 b/d 10.058 million b/d, fully implementing OPEC cut pledge: Source @WSJ
— Georgi Kantchev (@georgikantchev) January 5, 2017
which has provided a modest bid to crude prices…
via http://ift.tt/2iMAiAp Tyler Durden