Saudi Arabia Says OPEC Will Be Cutting Oil Production To Address The Current Oil Slump

Saudi Energy Minister Prince Abdulaziz bin Salman. Asharq Al-Awsat  

Reuters: Saudi says OPEC+ can cut output to address oil slump - report  

OPEC stands ready to cut output to correct a recent oil price decline driven by poor futures market liquidity and macro-economic fears, which has ignored extremely tight physical crude supply, OPEC’s leader Saudi Arabia said on Monday. 

Saudi state news agency SPA cited Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman as telling Bloomberg OPEC+ has the means and flexibility to deal with challenges. 

Oil prices have dropped in recent weeks to around $95 per barrel from as high as $120 on fears of a Chinese economic slowdown and a recession in the West.  

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WNU Editor: This is news that Western governments do not want to hear right now. 

Saudi Arabia Says OPEC Will Be Cutting Oil Production To Address The Current Oil Slump  

Saudi Prince Says Oil’s Disconnect May Force OPEC+ Action -- Bloomberg  

Saudi Minister Says OPEC+ Could Cut Production At Any Time -- OilPrice.com 

Oil Spikes After Saudi Prince Hints At Shift In OPEC+ Strategy -- Zero Hedge  

Oil clings to US$90 after Saudi warnings touch off market swings -- Bloomberg  

Saudi Energy Minister: Soon We Will Start Working on New OPEC+ Deal -- Asharq Al-Awsat