Saudi Arabia highly likely to extend 1m BPD ‘lollypop’ cut until spring – report

WTI crude is up $2.94 to $75.84 as it has nearly erased yesterday’s sharp decline. The latest positive news is a sources report saying that Saudi Arabia is highly likely to extend its voluntary cut “at least until the spring”.

The next OPEC meeting is Nov 26. Saudi Arabia has around 3 million barrels per day of spare capacity.

The report also says that an additional 1 mbpd OEPC cut is on the table.