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Saudi Arabia More Likely to Extend Output Cuts Into 1Q24: RBC

OIL

Saudi Arabia may extend its 1mbpd voluntary output cut well into 1Q24, from end of this year currently, because of renewed market concerns about Chinese oil demand and the broader macro-economic outlook, Head of Global Commodity Strategy at RBC, Helima Croft, said in a note.

  • “The chances that Saudi Arabia will extend its unilateral 1 million b/d cut well into 1Q 2024 is certainly increasing given renewed market concerns about Chinese demand and the broader macro outlook,” Croft said.
  • “We see no indication that the Saudi Energy Minister is prepared to throw in the towel and return to a market share maximization strategy at this stage,” she added.
  • “The relevant question may be whether he will look to do another short squeeze if current trends continue,” she said.
  • The next ministerial OPEC+ meeting is scheduled to take place on 26 November in Vienna.
Energy BulletsCommodities
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