Despite earlier comments that the Saudis did not appear to have implemented their output cut (as per OPEC agreement), WSJ reports that Saudi Arabia cut oil output - fully implementing OPEC cut pledge. Oil is bouncing on the news.
From this morning - no cut!:
Saudi Arabia crude supplies have been abundant and doesn’t look to be cutting, Takashi Hirose, Executive Vice President at TonenGeneral, says in Tokyo on Thursday.
And now - Fully cut...
BREAKING: Saudi Arabia has cut oil output by at least 486,000 b/d 10.058 million b/d, fully implementing OPEC cut pledge: Source @WSJ
— Georgi Kantchev (@georgikantchev)
which has provided a modest bid to crude prices...
The move is very modest though - it seems either everyone is fully positioned or no one really believes it.
