SUMMARY OF OPEC PRODUCTION CUTS: 1. Saudi Arabia to extend 5...
SUMMARY OF OPEC PRODUCTION CUTS:
1. Saudi Arabia to extend 500K barrel per day cuts until 2024
2. Saudi Arabia to cut an additional 1 million barrels per day voluntarily
3. Iraq to extend 211K barrels per day cuts until 2024
4. Russia to extend voluntary production cuts until 2024
5. OPEC agrees to new production target of 40.5 million barrels per day
This comes after Saudi Arabia told oil short sellers to “watch out.”
OPEC is not messing around.
1. Saudi Arabia to extend 500K barrel per day cuts until 2024
2. Saudi Arabia to cut an additional 1 million barrels per day voluntarily
3. Iraq to extend 211K barrels per day cuts until 2024
4. Russia to extend voluntary production cuts until 2024
5. OPEC agrees to new production target of 40.5 million barrels per day
This comes after Saudi Arabia told oil short sellers to “watch out.”
OPEC is not messing around.
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ROM-STAROP : Saudi Arabia to cut oil production by an additional 1 million barrels per day starting in July. These cuts may be extended but are currently scheduled for just one month. This comes after OPEC issued a “surprise” production cut of 1.2 million barrels per day in April. Last week, Saudi Arabia told oil short sellers to “watch out.” OPEC is committed to higher oil prices.