The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Oil climbed for a second day after Saudi Arabia pledged to deepen production cuts and US President Donald Trump said he might extend a deadline for additional tariffs on China.
Futures in New York added as much as 1.5% after rising 1.3% on Tuesday. The world’s biggest crude exporter will continue to curb output more than required by a December deal among top producers, Energy Minister Khalid Al-Falih told the Financial Times on Wednesday. Trump said he’s open to extending the March 1 deadline if the US and China are close to a trade agreement.
Oil has advanced around 18 percent this year as the Opec+ coalition cuts production, although the rally has sputtered this month amid record American shale output and rising angst over the trade war.
Saudi Arabia is planning to reduce its crude exports to 6.9 million barrels a day next month and pump 9.8 million barrels, Al-Falih told the Financial Times. The kingdom is seeking to acquire oil and gas assets outside the country and is no longer focused only on monetising its own resources, he said.