“Saudi honor” soars oil prices … $ 54 a barrel – Saudi News

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Oil prices reacted positively yesterday (Wednesday), after Saudi Arabia announced an additional voluntary production cut in February and March, to gift the oil market $ 35 million per day. Prices rose yesterday, to the highest level since February 2020. Brent crude futures rose 1.59% to 54.45 dollars a barrel during trading Wednesday, to climb to the highest level in 11 months, after jumping 4.9% yesterday. For the first time since the spread of the Corona virus, US West Texas crude contracts rose, above the level of $ 50 a barrel, to gain 1%, after the contract closed up 4.6% on Tuesday. The Saudi Energy Minister, Prince Abdulaziz bin Salman, described the voluntary reduction in oil production as a gesture of goodwill from Crown Prince Mohammed bin Salman to support oil markets. Saudi Arabia announced an additional voluntary reduction in oil production by one million barrels per day in February and March, in addition to its share of the OPEC + cuts.







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