160 days ago • Posted by William Ramstein

Supply cuts have supported an oil price increase, Saudi Arabia economy expects 4% GDP growth

Global benchmark Brent crude has soared over 26% so far this year, bringing the price back to pre-pandemic levels. OPEC members and a group of large producers outside the cartel led by Russia have largely maintained the production cuts that were put in place to reduce supply and support prices while the pandemic crushed energy demand. In December, they agreed to a very moderate increase of half a million barrels a day. Source: WSJ