Business Briefs – March 7, 2017

Saudi Energy Minister Keeping Close Eye On U.S. Oil Producers

HOUSTON (AP) – The Saudi energy minister says OPEC production cuts are working so far, but he’s watching how U.S. producers respond to higher crude prices. Strong U.S. production would undercut OPEC. Khalid Al-Falih says his country will look at oil supply and the support of other OPEC members before deciding whether to extend production cuts beyond this summer.

U.S. Credit Card Debt Shrinks in January

WASHINGTON (AP) – Consumers pulled back on credit card debt in January, leading to the smallest increase in consumer borrowing in more than four years. Total borrowing rose $8.8 billion in January compared to an increase of $14.8 billion in December, the Federal Reserve reported Tuesday. It was the smallest monthly gain since borrowing only went up $7.6 billion in July 2012.

The slowdown reflected a big reduction in the category that covers credit card debt, which fell $3.8 billion in January. It marked the first time credit card debt has declined since February 2016 and was the biggest reduction since October 2010.