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Today oil price continued to stabilize despite fear of slowing oil demand as a result of the U.S.-China trade war. Oil price steadiness was motivated by statements from Kuwait’s oil minister who evidenced his country’s commitment to the production cut accord as Kuwait has lowered its oil production by more than required by the OPEC+ agreement. Also, about Saudi Aramco’s IPO, an analyst at Price Futures Group said “The Saudis will need a higher price for oil for its IPO, and this confirms they’ll do whatever it takes to get oil prices up”

Oil Prices Stabilize as Saudi Arabia and Kuwait Are Expected to Reduce Output

Today oil price continued to stabilize despite fear of slowing oil demand as a result of the U.S.-China trade war. Oil price steadiness was motivated by statements from Kuwait’s oil minister who evidenced his country’s commitment to the production cut accord as Kuwait has lowered its oil production by more than required by the OPEC+ agreement.

Also, about Saudi Aramco’s IPO, an analyst at Price Futures Group said “The Saudis will need a higher price for oil for its IPO, and this confirms they’ll do whatever it takes to get oil prices up”

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