Oil prices rallied on Monday after Saudi Arabia said it would cut oil production by an additional one million barrels per day.
There had been reports in the media suggesting that data in China, South Korea, and Germany point towards a second wave of the deadly virus.
Under the OPEC+ deal in effect from May 1, Saudi Arabia has pledged to cut its oil production to 8.5 million bpd.In April, Saudi intentionally flooded the market with oil in the midst of an epic price war with Russia, sending prices tumbling. The new decision would leave Saudi Arabia’s daily output at just 7.5 million barrels, down 39 per cent from what the output figures were in April.
On Monday, hours before detailing the production cuts, the kingdom announced new steps aimed at plugging gaping holes in its budget, including tripling its value added tax. Earlier in March, Mele Kyari, Group Managing Director of the Nigerian National Petroleum Corporation , said that Nigeria had about 50 cargoes of its crude oil stranded in the international oil market with no buyers snapping up the cargoes.
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