MNI BRIEF: New PM No Block To BOJ Policy Path

RPT-MNI: EU Expects France To Request 7-Year Fiscal Plan

MNI: PBOC Net Drains CNY238.9 Bln via OMO Friday; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.0101 Fri; +4.14% Y/Y

MNI BRIEF: PBOC To Cut RRR and Key Rates From Sept 27

CHINA PBOC CONDUCTS CNY333 BLN VIA 14-DAY REVERSE REPOS FRI

MNI: ECB 1-YEAR CONSUMER INFLATION EXPECTATIONS 2.7%

MNI: GERMANY SEP UE RATE (SA) 6.0% (FCST 6.0%); AUG 6.0%

MNI: SPAIN SEP FLASH HICP -0.1% M/M, +1.7% Y/Y

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

OIL: Saudi Arabia Output Return as Planned in Dec to Regain Market Share: FT

OIL
BulletEnergy BulletsCommodities

Saudi Arabia is ready to abandon its unofficial oil price target of $100/bbl and is committed to returning production as planned in December to regain market share, according to the Financial Times.

  • Saudi Arabia is unwilling to continue to cede market share to other producers even if that results in a longer period of low oil prices. The kingdom has enough funding options, including foreign reserves and debt to cope with lower prices, according to the FT.
  • The OPEC+ group, including Saudi Arabia, had planned to return some voluntary supplies to the market from October but earlier this month the output increase was delayed until December amid market concerns for oversupply. The group has been cutting oil output to support prices but not all members have fully complied with pledged output quotas.
  • The Joint Ministerial Monitoring Committee that can recommend changes meets on Oct. 2 while the next full OPEC+ ministers meeting is on Dec. 1 but any changes to voluntary cuts can be implemented at any time.
165 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Saudi Arabia is ready to abandon its unofficial oil price target of $100/bbl and is committed to returning production as planned in December to regain market share, according to the Financial Times.

  • Saudi Arabia is unwilling to continue to cede market share to other producers even if that results in a longer period of low oil prices. The kingdom has enough funding options, including foreign reserves and debt to cope with lower prices, according to the FT.
  • The OPEC+ group, including Saudi Arabia, had planned to return some voluntary supplies to the market from October but earlier this month the output increase was delayed until December amid market concerns for oversupply. The group has been cutting oil output to support prices but not all members have fully complied with pledged output quotas.
  • The Joint Ministerial Monitoring Committee that can recommend changes meets on Oct. 2 while the next full OPEC+ ministers meeting is on Dec. 1 but any changes to voluntary cuts can be implemented at any time.