Saudi Arabia, UAE, Iraq and Kuwait reportedly cut oil output by as much as 6.7mln BPD in total, Bloomberg reports citing sources
Newsquawk Staff ·
Saudi Arabia, UAE, Iraq and Kuwait reportedly cut oil output by as much as 6.7mln BPD in total, Bloomberg reports citing sources.
What it means
The reported cut of up to 6.7 million barrels per day (BPD) in oil output by Saudi Arabia, the UAE, Iraq, and Kuwait represents a significant supply-side action that could tighten global oil markets. This move is likely to support WTI prices amid ongoing concerns about demand dynamics, especially with geopolitical tensions in the region. Traders should monitor how this development influences inflation expectations and potential ramifications for related asset classes.
- US Weekly Private Energy Inventory Data (bbls): Crude -2.0mln (exp. +0.5mln), Gasoline +2.4mln (exp. -1.3mln), Distillate +0.4mln (exp. -0.9mln), Cushing -0.5mln
- CRUDE WRAP: WTI (Z6) SETTLES USD 1.86 LOWER AT 99.90/BBL; BRENT (F7) SETTLES USD 1.33 LOWER AT 109.41/BBL
- Russian refineries’ crude processing up 25% since drone attacks stopped in mid-October, according to reports, citing sources
- US President Trump says believes I will visit tanker in Texas with Venezuela oil; thinks Secretary of State Rubio will be with him; we are going to accept 1mln bbls of Venezuelan oil
- Russian Deputy PM Novak says domestic refineries are bringing units back online very quickly following maintenance. Russia and the US could begin cooperating on Arctic LNG projects
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