Oil prices climbed on Monday as the world’s biggest supplier Saudi Arabia announced plans to cut production, in the face of fears of oversupply. Saudi Arabia’s energy minister said Monday that oil-producing nations should cut output by one million barrels per day to re-balance the market.
Khalid al-Falih’s comments follow a meeting in Abu Dhabi at the weekend, where the OPEC group and its allies had already started laying the groundwork to cut supply in 2019, reversing an almost year-long expansion.
Saudi Arabia had said the kingdom would cut its production by 500,000 barrels per day.
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