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OIL: Saudi Yet to Change It's OPEC+ Approach: CNBC Sources

OIL
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OPEC+ is cracking down on compliance within the group according to sources speaking to CNBC. 

  • Despite the economic pressures of enforcing the Vision 2030 program, Saudi Arabia has yet to change its OPEC+ approach and does not target an explicit oil price, one of the OPEC+ sources told CNBC.
  • Repeat overproduction has primarily come from Iraq, Kazakhstan and Russia this year.
  • The CNBC piece comes after FT/Reuters reports on Thursday about the group trying to bring barrels back to the market later this year – particularly the FT piece which suggested Saudi were willing to deal with lower prices to defend market share.
  • Thursday’s pieces resulted in a sharp sell off in oil but has since largely traded sideways on Friday with no official disputes by officials yet.
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OPEC+ is cracking down on compliance within the group according to sources speaking to CNBC. 

  • Despite the economic pressures of enforcing the Vision 2030 program, Saudi Arabia has yet to change its OPEC+ approach and does not target an explicit oil price, one of the OPEC+ sources told CNBC.
  • Repeat overproduction has primarily come from Iraq, Kazakhstan and Russia this year.
  • The CNBC piece comes after FT/Reuters reports on Thursday about the group trying to bring barrels back to the market later this year – particularly the FT piece which suggested Saudi were willing to deal with lower prices to defend market share.
  • Thursday’s pieces resulted in a sharp sell off in oil but has since largely traded sideways on Friday with no official disputes by officials yet.