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Oil Jumps After Saudis “Explain” Production Surge

Oil Jumps After Saudis “Explain” Production Surge

zerohedge.com / by Tyler Durden / Mar 14, 2017 11:24 AM

Having sent crude oil pries tumbling overnight by admitting they cheated on OPEC production cuts, Saudi officials are desperately trying to unwind that faux pas by claiming the over-production was purely for domestic storage. The problem with this “explanation” is that Saudi deliveries to China soared in January

Bloomberg reports that Saudi Arabia didn’t raise supply to the international oil market in February, according to a person familiar with the kingdom’s oil policy.