oil supplies look to tighten from next month, after saudi arabia and other opec plus oil producers announce output cuts of about 1.1 million barrels a day. saudi arabia said the move was aimed at stabilising the market. well, oil prices are currently trading higher, after the move by 0pec+. this is the second time the cartel slashed productions. the group last did so in october, cutting output by two million barrels per day. jonathan robinson is global power & energy research director at frost and sullivan. this move by saudi was something of a surprise. the us publicly ruled out new crude purchases to replenish its own strategic stockpile. how much of a collision course does it put ridadh on with america? it is interesting because russia had cut its production separately in march so it suggests a bit of co ordination between russia and saudi arabia and clearly they want to put a floor under the price of oil and see it recovering to the side of $90 a barrel, where it has been
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move out of the covid prices and the us driving series is actually going to be upon us so the market was expecting that oil demand would increase anyway naturally and that should have supported prices but clearly saudi arabia wants to make sure that happens and so by giving, by moving to this production cut, it is really guaranteeing putting pressure “p guaranteeing putting pressure up and keeping prices up. consumers around the world but particularly in europe have onlyjust particularly in europe have only just started to particularly in europe have onlyjust started to see that fuel prices come down and inflation start to ease, will this have an impact on inflation and the cost of living? it inflation and the cost of livin: ? , ., ., ., inflation and the cost of livinu? , ., ., ., ., living? it is going to have an im act, living? it is going to have an impact. it living? it is going to have an impact, it will living? it is going to have an impact, it will not living? it is goin