Oil Records Highest 6-Week Gains as KSA Cuts Back on Oil Production

Oil prices increased in value and has recorded its largest two-day gains within the six-week  mark as Saudi Arabia prepares to cutback on its oil production way more than what was initially required as stated in the OPEC meeting a few weeks ago. Saudi’s Energy Minister has already stated that the country has already minimized its oil output to only less than 10 million barrels per day which is more than what was previously agreed on between OPEC and non-OPEC oil producers as part of efforts to curb down oil production across the globe.