Saudi Arabia committed to support stability of global oil markets – Saudi Press Agency

Early Wednesday morning in Asia, Saudi Press Agency (SPA) came out with the comments from the Saudi Cabinet meeting. The news stated the Arab nation’s urge to the Organization of the Petroleum Exporting Countries (OPEC) and ally countries, mostly known as OPEC+, towards balancing the global oil market.

In a separate piece, the SPA also mentioned that the Kuwaiti Oil Minister, Dr. Khaled Al-Fadhel, confirms Kuwait's support for Saudi efforts to restore stability to oil markets.

Key quotes

Saudi Cabinet urges OPEC+ countries to adhere to reduced rates to contribute to restoring balance in global oil markets.

Al-Fadhel expressed in a statement to Kuwait News Agency (KUNA) that the State of Kuwait welcomes joint coordination with the Kingdom of Saudi Arabia, pointing that it would initiate a voluntary reduction in its oil production by 80,000 barrels per day for next June in addition to the announced reduction according to its share in (OPEC + group) agreement.

Market implications

The news fails to provide any upside push to the oil prices as WTI June Futures on NYMEX is down 2.0% near $25.30% by the press time.