Oil prices edged up on Wednesday after Saudi Arabia agreed to deeper cuts in output during an OPEC+ meeting on Tuesday, Jan. 5.
International benchmark Brent crude was trading up 0.5% at $53.88 per barrel, at 9.04 am Makkah time.
WTI crude held at $50 a barrel.
Saudi Arabia offered voluntary cuts to its oil production by additional 1 million barrels per day (bpd) in February and March, Minister of Energy Prince Abdulaziz Bin Salman said.
Prince Abdulaziz added during the OPEC+ meeting that the Kingdom’s output will reach 8.12 million bpd starting February, affirming that this will support oil market and industry.
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