Saudi Arabia's energy minister said that major oil producers need to do better to narrow swings in prices that dip below $60 a barrel and rise above $86.
Last month, OPEC countries, including Saudi Arabia, and other major oil producers agreed to cut production by 1.2 million barrels a day to reduce oversupply and boost prices for the first six months of 2019.
Oil producers are under pressure to reduce production following a sharp fall in oil prices in recent months because major producers including the United States are pumping oil at high rates.
Analysts say the kingdom needs oil between $75 and $80 a barrel to balance its budget, with spending for this year to reach a record high of $295 billion.
This is not going to happen for so many reasons. So enjoy while it last, and it will last.
Just a thought.
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