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Saudi Arabian Overseas Minister defends OPEC+ output lower resolution


Saudi Arabia’s Overseas Minister Prince Faisal bin Farhan informed Al Arabiya late Wednesday that they defend the current resolution by OPEC+ to chop oil output.

Key quotes

“Saudi Arabia utterly rejects statements essential of the dominion following the OPEC+ resolution on October fifth.”

“The OPEC+ resolution was unanimous, took provide and demand under consideration, and goals to cut back market volatility.”

“Throughout consultations with the US administration, Saudi Arabia harassed that suspending the oil lower for a month, as proposed, would have adverse financial penalties.”

Market response

On the time of writing, WTI is holding the upper floor above $86, though barely off the session highs at $86.43. The spot is up 0.15% on the day.

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