Tuesday , January 31 2023

Saudi Arabia raises oil prices


Oil - Photo: AP

OilPhoto: AP

Saudi Arabia has announced that it will reduce its crude oil production by 500,000 barrels a day from next month.

This appears to be a signal that OPEK may announce adjusted production in an effort to keep prices at its next meeting in December.

Crude oil for the North Sea Brent crude oil futures contract on the New York Mercantile Exchange (NYMEX) jumped 1.5 percent to $ 71.55 a barrel on the New York Mercantile Exchange.

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