Saudi Arabia's energy minister on Monday said that the kingdom will be at 12 million barrels per days of capacity at the end of November, per Reuters. "We have time to review the details of OPEC+ deal if needed before the December meeting," the minister added.
These comments seem to be putting pressure on crude oil prices. As of writing, the barrel of West Texas Intermediate (WTI) was trading at a fresh daily low of $53.50, losing 2.3% on a daily basis. Below are some additional quotes from the minister.
"Oil market is not stable yet. We see the volatility on the market."
"Saudi Arabia's oil output in October was at 9.86 million barrels per day, same in November."
"We are continuing our voluntary cuts at approx 400,000 barrels per day."
"We hope that Nigeria, Gabon, South Sudan and Iraq will be fully compliant with OPEC+ deal in October."
"We are asking Nigeria to commit to the agreement."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.