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KSA Reverses One-Third of Production Cuts, Excess Oil Stockpiled

March, 15 2017
watermark Economic news

The Kingdom of Saudi Arabia has stated to OPEC that the country has reverted part of its supply cuts during the previous month and has pumped over 10 million bpd as the country aims to enliven its supply within its storage tanks. As seen in the OPEC report last Tuesday, the KSA has increased its oil production from 263,300 bpd to roughly 10.11 million bpd. Prior to this development, Oil prices had drastically decreased on top of speculations that the Middle Eastern country has become impatient with regards to other oil producers failing to meet their respective cutbacks. The Saudi Arabian Energy Ministry has additionally stated that the extra oil supply will be moved into the country’s storage.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.