Saudi Arabia Surprises Market With Supply Cut Announcement, Oil Jumps

Saudi Arabia Surprises Market With Supply Cut Announcement, Oil Jumps (ZeroHedge, Oct 22, 2014):

Saudi Arabia, it appears, had enough of shooting itself in the foot for its American ‘partners’, and has admitted for the first time that it slashed supply in September. As Bloomberg reports, OPEC’s biggest producer cut supply to mkt by 328k b/d in September to 9.36m b/d, from 9.688m b/d in August, according to a person with knowledge of Saudi Arabia’s oil policy. Prices in September were flat admit this supply cut which suggests along with the build in EIA inventories seen yesterday that Saudi Arabia may have also been forced by global demand weakness to cut supply through October also.

1 thought on “Saudi Arabia Surprises Market With Supply Cut Announcement, Oil Jumps

  1. Surprises?
    I don’t think so, this is typical of the greedy arabs.
    Pity we didn’t follow Brazil’s lead, and move into solar after the 1970s debacle with these bastards.
    Idiots in power, all idiots.

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