Oil Prices Firm Up As Saudi Arabia Plans Export Cut

Yemisi Izuora 

Oil prices edged higher on Wednesday, supported by planned cuts to Saudi exports and a reduced forecast for U.S crude output.

International Brent crude oil futures were at $66.93 a barrel up 26 cents, or 0.4 per cent, from their last close. Brent touched $67.39 a barrel on Monday, its highest since February 25.

U.S. West Texas Intermediate (WTI) crude futures were at $57.17 per barrel, up 30 cents, or 0.5 per cent from their last settlement.

U.S. crude oil production is expected to grow slower than previously expected in 2019 and average about 12.30 million barrels per day (bpd) the U.S. Energy Information Administration (EIA) said on Tuesday.

Saudi Arabia plans to cut its crude oil exports in April to below 7 million barrels per day (bpd), while keeping its output well below 10 million bpd, a Saudi official said on Monday, as the kingdom seeks to drain a supply glut and support oil prices.

On Sunday, Saudi oil minister Khalid al-Falih said it would be too early to change OPEC+ output policy at the group’s meeting in April.

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