Saudi Arabia needs more than higher oil prices to fund its grand plans | CNN Business

Saudi Arabia surprised traders again on Sunday with an oil production cut of about 1 million barrels a day, roughly 1% of global supply, which sent oil prices climbing. The Brent oil benchmark rose by more than 2% to around $78 a barrel on Monday as Riyadh reacted to economic headwinds that have impacted global oil demand. Saudi Arabia’s voluntary cut goes beyond a broader deal by the Organization of the Petroleum Exporting Countries and allies to limit supply into 2024.

‘Good for everybody’ “We believe that common market integration is good for everybody in the Gulf Cooperation Council. Investors want to be with other investors, and they want to be with professional companies like the accounting, the legal, financial advisory ,” Falih told CNN. “A rising tide lifts all boats.

Nederland Laatste Nieuws, Nederland Headlines

Similar News:Je kunt ook nieuwsberichten lezen die vergelijkbaar zijn met deze die we uit andere nieuwsbronnen hebben verzameld.

Saudi Arabia to slash oil production again as OPEC+ extends supply curbs | CNN BusinessSaudi Arabia said it would slash oil output by another one million barrels per day for at least a month starting in July as part of an effort by the OPEC+ group of leading producers to shore up crude prices.
Bron: cnni - 🏆 326. / 59 Lees verder »

First on CNN: US senators question Twitter's privacy compliance under Elon Musk | CNN BusinessFour US senators are scrutinizing Twitter’s privacy practices and questioning whether the platform under CEO Elon Musk flouted consumer protection law following widespread layoffs and resignations, highlighting vast legal risks for Twitter and Musk.
Bron: CNN - 🏆 4. / 95 Lees verder »