Saudi Energy Minister: Willing to continue with lower oil output than 10 million bpd until end year

Eren Sengezer FXStreet

Saudi Arabia's energy minister crossed the wires in the last minutes saying that they are willing to continue with lower oil output than 10 million barrels per day until the end of the year. "Oil exports will remain in the border of 7 million barrels per day," the minister added.

These comments failed to help crude oil recover its losses. As of writing, the barrel of West Texas Intermediate was trading at $55.30, losing 1.2% on a daily basis.

"Discussions with Kuwait over the neutral zone are positive," the minister said. "Within 2 months, things will be clear over the restart of the neutral zone fields."

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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