Master Stroke: Price of crude oil likely to go up as Saudi Arab plans to reduce its supply

Global crude oil supply might need some cuts, Saudi Arabia’s Energy Minister Khalid al-Falih told state TV channel al-Ekhbariya as quoted by Reuters, to offset recent increases. “We (have) entered the stage of worrying about this increase,” the official said, adding any reduction in supply would go towards ensuring the stability accomplished as a result of the OPEC+ production-cutting pact sealed at the end of 2016.