Saudi Arabia highly likely to extend 1 million bpd output cut until spring

Saudi Arabia, the world’s largest oil exporter, is planning to extend oil production cuts through next year, while OPEC+ considers additional cuts in response to declining prices and rising tensions over the Israel-Hamas conflict, per Financial Times

After oil prices hit a four-month low of $77 a barrel last week, four sources familiar with the Saudi government’s thinking said it was likely to prolong reductions 1 million barrel-a-day until at least the spring.

Market reaction

As of writing, the barrel of West Texas Intermediate (WTI) is up by 0.25% trading at $76.15