Economics
Crude Tumbles 5% as Saudis Pledge to Produce as Much as They Can
- Saudi oil chief says OPEC in ‘produce as much as you can’ mode
- U.S. crude stocks rose 9.88 million barrels last week: API
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Oil in New York slid more than 5 percent in Tuesday’s session as Saudi Arabia pledged to meet any supply shortfalls and as a risk-off sentiment spread throughout global markets.
Saudi Energy Minister Khalid Al-Falih said OPEC and its allies are in “produce as much as you can mode" to meet demand and replace any looming shortages due to Iranian sanctions. In the U.S., the industry-funded American Petroleum Institute is said to have reported a 9.88 million barrel rise in crude inventories last week. That would be the largest build since February 2017 if Energy Information Administration data confirms it Wednesday.