#OPEC
The government is looking at additional spending cuts and may issue as much as an additional SAR100bn of debt on top of SAR120bn riyals already announced
The accord caps a tumultuous month when Brent crude plunged to its lowest in nearly two decades, falling toward $20 a barrel
Benchmark Brent has plunged by more than half since the start of the year
Benchmark Brent crude has plunged 48 per cent this year
On Friday, oil prices plunged the most since 2008 on signs of a breakdown in the global OPEC+ alliance that helped underpin crude’s recovery since 2014
The Trump administration has had a close relationship with Saudi Arabia
New report from BoFA says non-OPEC supply will fall to 56.4m bpd in 2017
King Salman is expected to broadly continue Abdullah’s policies, analysts say.
Brent crude fell towards $84 a barrel on Tuesday, after top oil exporter Saudi Arabia cut prices to the United States.
Kuwait’s oil minister said on Sunday OPEC was unlikely to cut production to support prices.
South American nation Venezuela tops the list, followed closely by Saudi Arabia.
Combined oil output from Saudi Arabia, Kuwait and the UAE rose sharply in August.
The Kingdom reportedly reduced oil output by 300,000 barrels per day from June.