Saudi Arabia has said it will cut oil output by at least 486,000 barrels per day (bpd) as it implements OPEC’s agreement to reduce output. According to a source, the Saudi Aramco has started talks with customers around the world on possible cuts of 3% to 7% from next month. Source Energy Voice
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Bank of Japan Governor Haruhiko Kuroda said Wednesday that pushing rates further into negative territory was off the table, reflecting both his upbeat inflation outlook and his concerns over the contentious policy measure. The BOJ introduced the measure in January 2016, imposing a 0.1% charge on certain yen deposits. Source: MarketWatch
The European Central Bank could consider renewing its offer of free long-term liquidity to lenders though it shouldn’t turn it into a permanent measure, a Governing Council member said. The ECB is scheduled to offer the last of its long-term loans to banks next month. Source: Bloomberg
With India’s booming population, which the United Nations predicts will be larger than China’s by around 2030, energy demand and oil consumption are expected to reach record levels. The IEA estimates the country will account for a quarter of global energy demand growth by 2040. Source: OilPrice