DNO - Oil Price Rises On The Back Of Supply Concerns
By Stuart Burns
OPEC may not be what it once was, but in concert with non-OPEC countries like Russia, the cartel is showing it can still influence prices to its advantage.
After extensive negotiations behind the scenes, Saudi Arabia and Russia have agreed to reduce output to "manage supply"; that is, to support prices, the fruits of which are only just beginning to become apparent.
So far in February, Saudi Arabia has shipped 6.9 million barrels per day, its lowest level since August 2017 and down from 8.3 million barrels per day in