08 Sep, 23

The Oil Market Hasn’t Felt The Full Impact Of Saudi Arabia’s Cuts Yet

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The market hasn’t seen the full impact of Saudi Arabia’s extra production cut, which could lead to a drastically tighter market if the world’s top crude oil exporter keeps export levels low, according to Vortexa. On Tuesday, Saudi Arabia said it would extend its 1 million bpd cut through December. The move reinforces “the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets,” the Kingdom says. Russia also extended its 300,000 bpd export…

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