Saudi Arabia has cut oil output by a minimum of 2mln BPD to c. 8mln BPD, according to sources
Saudi Arabia's decision to reduce oil output by at least 2 million barrels per day to approximately 8 million BPD signals a significant tightening in supply.
Turkey’s transport minister says Iran allowed a Turkish-owned bulk carrier to exit the Strait of Hormuz, FT reports; carrier was allowed to pass after “we obtained permission from the Iranian authorities
Russian ESPO blend oil has flipped to a premium against ICE Brent within China and India due to elevated demand, according to reports citing traders
Saudi Arabia has cut oil output by a minimum of 2mln BPD to c. 8mln BPD, according to sources
FAA adopts AD for some Boeing (BA) 777s
BCB sells USD 1bln in spot dollar auction; sells 20,000 reserve FX swap contracts at auction
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This cut may support higher oil prices, particularly for WTI, as it addresses ongoing concerns about oversupply and boosts inflationary pressures in the energy sector.
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