(Bloomberg) — Saudi Arabia surprised the oil market with deeper production cuts, sending crude prices soaring and predicting that Aramco, fresh from its initial public offering, will soon surge past the elusive $2 trillion valuation.After two days of grueling talks in Vienna that had focused on adjusting the OPEC+ quota and redistributing output cuts more equitably, Energy Minister Prince Abdulaziz bin Salman sent prices soaring with the promise to take the kingdom’s production down to levels not seen on a sustained basis since 2014, according to data compiled by Bloomberg.Oil jumped as much as 2.4% to $59.85 a barrel as …read more
Source:: Yahoo Finance
