Saudi Arabia seeks to correct price fall by reducing production
New York — Oil rose on Tuesday as renewed concerns over tight supply dominated market sentiment after Saudi Arabia warned that the oil producer could cut output to correct a recent oil price decline.
Oil cartel Opec stands ready to reduce production to correct the recent oil price fall driven by poor futures market liquidity and macroeconomic fears, which has ignored extremely tight physical crude supply, Opec’s leader Saudi Arabia said on Monday. With Saudi Arabia standing out to defend oil prices, the market is likely to take the chance to build long positions, said analysts from Haitong Futures, adding that the outcome of the Iranian nuclear deal remains a big uncertainty.
Meanwhile, Europe faces fresh disruption to energy supplies due to damage to a pipeline system bringing oil from Kazakhstan through Russia, adding to concerns over a plunge in gas supplies.
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