*SAUDI PLANS NEW OIL CUTS AS PART OF OIL DEAL
It’s important to note here that every Saudi cut = loss of market share + subsidy for other producers
Saudi’s tried this up until 2015 to support prices until they realized they were losing huge mkt share & opened flood gates pic.twitter.com/fqkZXSTiXe
— Adem Tumerkan (@RadicalAdem) June 4, 2023
OPEC was able to place a put again under this market. But don’t confuse it with a rally. The downtrend is well established for now pic.twitter.com/bjSoDw7Unl
— Menthor Q (@MenthorQpro) June 4, 2023
FRANKFURT, Germany — Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to prop up the sagging price of crude after two previous cuts to supply by major producing countries in the OPEC+ alliance failed to push oil higher.
The Saudi cut of 1 million barrels per day, to start in July, comes as the other OPEC+ producers agreed in a meeting in Vienna to extend earlier production cuts through next year.
https://www.newsday.com/app/business/with-oil-prices-slumping-opec-producers-weigh-more-production-cuts-lbulvqa1
https://www.wnep.com/article/news/nation-world/opec-producers-weigh-more-oil-production-cuts/507-28b354c8-4643-45d2-907e-d2b111a17bca
https://www.spokesman.com/stories/2023/jun/04/saudi-arabia-says-it-will-cut-production-to-stem-a/