At a conference in Riyadh, Saudi Arabia announced it was determined to end the oil glut and do whatever it took to bring global inventories down to normal levels.
If the Saudis, OPEC, and Russia could even begin to end the glut resulting in higher oil prices, this would be much needed good news for Alberta.
The Organization of the Petroleum Exporting Countries, plus Russia and nine other producers have cut oil output by about 1.8 million barrels per day since January.
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The pact runs through March 2018, but they are considering extending it.
However, the move is still just rhetoric and the Saudis gave no indication if the pact would be extended and have not made any significant indication that supply will be cut again. Especially as all the aforementioned oil producing nations dearly need the U.S. dollar revenues from their oil production.
Only time will tell.
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