Saudi Energy Minister: Voluntary cuts to amount to 1 million bpd in February-March

Saudi Arabia's energy minister Prince Abdulaziz bin Salman said on Tuesday that they will continue to support the oil market and the industry, as reported by Reuters.

Additional takeaways

"We are the guardian of this industry."

"Our voluntary cuts will amount to 1 million barrels per day (bpd) in February-March."

"Saudi oil output will be 8.125 million bpd from February 1."

"This is done to support our economy and OPEC+."

"The cut is the goodwill of the Saudi Crown Prince."

Market reaction

Crude oil prices pushed higher on these comments and the barrel of West Texas Intermediate (WTI) was last seen trading at its highest level since February at $50.04, rising 5.7% on a daily basis.