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In a surprise move, Saudi Arabia said today it will cut 1 million barrels of oil per day in February and March under a new Opec+ agreement. This means the country will produce 8.1 million barrels down from 9.1 million bbls/d.
The deal came at the end of two days of negotiating. OPEC+ group also agreed to increase 75,000 barrels per day in February and another 75k bbls/d in March.
This agreement came about as a result of Russia and Kazakhstan needing to increase their production by 65k bbls/d and 10k bbls/d each month respectively.
"Saudi Arabia's voluntary cut will help to faster stabilise the oil market," Russia's deputy prime minister Alexander Novak said today.
As a result oil stocks rallied and WTI hit $50 in early day trading.
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