Saudi Arabia surprised the markets with another 1 million bpd voluntary production cut. Key OPEC members including the UAE and African nations were unhappy to see the current cuts extended into 2024.
Saudi Arabia surprised the markets with another 1 million bpd voluntary production cut.
Over the past week, global oil markets have been dominated by the statements of Saudi Energy Minister Prince Abdelaziz bin Salman, particularly his comments on short sellers during a summit in Doha, Qatar. These remarks sparked optimism among bullish traders, who interpreted them as a signal of potential production cuts. However, Prince Abdelaziz's stance on critical journalism, particularly with renowned media outlets like Bloomberg, exposed the fragile internal cohesion within OPEC.
Until now, Saudi Arabia has remained committed to sustaining the pro-Russian cooperation within OPEC+, but it is becoming increasingly apparent that Riyadh is slowly realizing the limitations imposed upon itself by aligning closely with Putin's interests. The implications of this association are being recognized by Saudi Arabia, highlighting the constraints it has placed on its own decision-making and strategic maneuverability.
The UAE’s balancing act poses significant challenges. The sustainability of the extended cuts and the broader cohesion within OPEC remain uncertain amidst shifting market dynamics and divergent objectives among member countries.
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