Daily production by the world's biggest crude exporter is approximately nine million barrels per day (bpd), far below its reported daily capacity of 12 million bpd.
Oil prices rose sharply following the news of the Saudi cut extension, with Brent prices rising above $90 a barrel for the first time since Nov. 18. / Photo: Reuters Archive
The voluntary cut decision will be reviewed monthly to consider deepening the cut or increasing production depending on market conditions, SPA said on Tuesday, citing a Saudi energy ministry official. The international benchmark rose 1.4 percent to reach $90.24 at 1350 GMT while West Texas Intermediate, the main US futures contract, jumped 1.9 percent to $87.16.
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