Crude Oil reversed losses to close slightly higher after another day passed without an announcement from the Biden Administration to tap U.S. crude oil reserves.
Saudi Arabia
OPEC+ To Extend Oil Production Cuts Till April — Neal Bhai
OPEC+ To Extend Oil Production Cuts Till April. The Organization of the Petroleum Exporting Countries Plus, in its latest meeting, agreed to extend production cuts from March to April 2021.
Crude Oil Prices Dip as Worries over Economic Slowdown Return
Gold Silver Reports (GSR) — Crude Oil prices were also supported by comments from US Federal Reserve Chairman Jerome Powell on Thursday that the central bank had the ability to be patient on monetary policy.
OPEC Has Shown it can Reach Deal Despite Splits: Iran Oil Minister
The Organization of the Petroleum Exporting Countries and its Russia-led allies agreed on Dec. 7 to cut output by more than expected, despite pressure from U.S. President Donald Trump to reduce the price of crude.
Russia has reportedly agreed to cut 200,000 bpd, clearing a hurdle for OPEC to agree to specific reductions.
Russia has reportedly agreed to cut 200,000 bpd, clearing a hurdle for OPEC to agree to specific reductions.
OPEC source says Iran has agreed to OPEC deal: RTRS
OPEC source says OPEC to cut around 800 kbpd- RTRS
The Saudis have been leading calls for the group to trim output, amid surging supply and fears that an economic slowdown will erode fuel demand. The oil-rich kingdom has previously indicated it wants the group to curb output by at least 1.3 million barrels per day (bpd).