Key Points
The cut aims to provide additional support for the oil market while there is evidence of tightening supplies and economic stimulus in China..
Saudi Arabia is expected to extend a voluntary oil output cut of 1 million barrels per day for another month to include September, five analysts said, to provide additional support for the oil market...
In June, OPEC+ agreed on a broad deal to limit oil supply into 2024 and Saudi Arabia pledged an additional voluntary cut for July..
"Given the tentative recovery, my guess is they continue the cut for one more month and then phase it out over three months - similar to what Saudi did in 2021," said Gary Ross, founder of Black Gold Investors and a veteran OPEC watcher...
The Saudi voluntary cut announcement for July came as a surprise at the June OPEC+ meeting, where Riyadh shared little or no detail on the measure with other delegations prior to the meeting, OPEC+ sources said.. Saudi Energy Minister Prince Abdulaziz bin Salman said in July that OPEC+ would "continue the effort at surprising markets" and do "whatever is necessary."..
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