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FinancialNews


  • 05-01-19

    Saudi oil production reductions lead record high prices

    (MENAFN) Saudi Arabia imposed a 500,000 barrel per day reduction on its oil production, leading crude oil price to break a high record as it hit USD58 this year.

    In the international market, crude oil price struck high levels since the year began compared to the previous price of USD56.

    An OPEC source voiced wishes for the market to see stability once again due to the extreme efforts OPEC and non-OPEC members are making.

    OPEC stressed in a statement that "the contributions from OPEC and the voluntary contributions from non-OPEC participating countries of the 'Declaration of Cooperation' will correspond to 0.8 mb/d (2.5%), and 0.4 mb/d (2.0%), respectively."

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