Don’t Assume Saudi Supply Drop Was Move to Bolster Oil Price
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The drop in Saudi Arabian oil supply last month failed to sway analysts looking for signs OPEC’s biggest producer is seeking to bolster global prices.
Brent crude jumped yesterday after a person familiar with the country’s oil policies said the amount it supplied to markets fell in September by 328,000 barrels a day. The decline is a result of the country keeping more of its own output to meet rising domestic demand, according to BNP Paribas SA. Saudi consumption rose to the most in at least 12 years in August.