Saudi Energy Minister: Willing to continue with lower oil output than 10 million bpd until end year

Saudi Arabia's energy minister crossed the wires in the last minutes saying that they are willing to continue with lower oil output than 10 million barrels per day until the end of the year. "Oil exports will remain in the border of 7 million barrels per day," the minister added.

These comments failed to help crude oil recover its losses. As of writing, the barrel of West Texas Intermediate was trading at $55.30, losing 1.2% on a daily basis.

"Discussions with Kuwait over the neutral zone are positive," the minister said. "Within 2 months, things will be clear over the restart of the neutral zone fields."