Oil up sharply after the promises of Saudi Arabia made on the occasion of the meeting of OPEC and non-OPEC producers in St. Petersburg.
The leading producer of crude oil among the Opec countries has in fact affirmed its willingness to cut exports in order to support the recovery of the market, rebalancing supply and demand.
Saudi Energy Minister Khalid Al-Falih has indeed stated that the country could go ahead with the reduction of output and limit crude oil exports to 6,6 million barrels a day, nearly a million barrels lower than year-ago levels.
However, the Saudi minister asked that other countries also follow Riyadh's example, referring both to OPEC member nations and to partners who do not belong to the Organization of Exporting Countries, obtaining in this sense a commitment from Nigeria (which along with Libya is currently exempt from cuts in order to shore up the country's oil industry after years of crisis) to reduce supply to 1,8 million barrels a day.
"It's a collective effort," Falih said after speaking to countries that aren't cutting production. "We won't sit around and watch," he added.
The results achieved during the meeting in St. Petersburg seem to have found favor with investors. A few minutes after the announcement, the Wti is back above 46 dollars a barrel, marking an intraday high of +1% at 46,26 dollars before settling at 46,04 (+0.59%). Brent also rose, currently up 0,69% to 48,39 dollars a barrel.
