Oil Weekly: Saudi Arabia Wants a Stranglehold on the Oil Market
Saudi Arabia announced they will cut production in July by 1mn b/d, with the potential to extend if required. OPEC+ also agreed to lower the baseline for Russia and select African countries by almost 1.6mn b/d for next year. Meanwhile, it revised the production baseline for the UAE 0.2mn b/d higher. This makes the reduction to the 2024 baseline total 1/4mn b/d.