Oil rises on expectations of extended output cuts

Money Control | Sep 10, 2019 at 5:43 PM
  • Oil futures rose on September 10 to their highest levels in almost six weeks on optimism that OPEC and other producing countries may agree to extend output cuts to support prices.
  • Prince Abdulaziz bin Salman, Saudi Arabia’s new energy minister and a long-time member of the Saudi delegation to the Organization of the Petroleum Exporting Countries (OPEC), said the kingdom’s policy would not change and a global deal to cut oil production by 1.2 million barrels per day would be maintained.
  • Goldman Sachs lowered its forecast on 2019 oil demand growth to 1 million barrels per day (bpd), down 100,000 bpd, but left its 2020 demand growth estimate broadly unchanged at 1.4 million bpd.