HomeIndustriesOil Prices Rise as Saudi Arabia and Russia Stick to Output Cuts

Oil Prices Rise as Saudi Arabia and Russia Stick to Output Cuts

Oil prices rose on Monday after Saudi Arabia and Russia confirmed that they would sustain their oil cuts until the end of the year. U.S. West Texas Intermediate crude rose $1.07, or 1.33%, to $81.58 per barrel, while Brent crude futures were up $1.03, or 1.21%, to $85.92 a barrel.

A source at Saudi Arabia’s energy ministry revealed that the nation would maintain a cut of 1 million barrels per day (bpd) in December, bringing daily output down to around 9 million barrels. Russia is maintaining a cut of 300,000 bpd.

ING analysts believed that such cuts could continue next year. The analysts wrote in a note that the oil market will be in surplus during the first quarter of next year, “which may be enough to convince the Saudis and Russians to continue with cuts.” Observers are now looking to China, where refineries have eased their crude oil throughputs.

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