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Saudi Arabia to Extend 1mbpd Into 2024: Bloomberg Survey

OIL

A Bloomberg survey of 19 analysts and traders unanimously expected that Saudi Arabia will extend its 1mbpd voluntary output cut into January and possibly longer amid easing crude prices and slowing oil demand.

  • Several sell-side and market participants have recently shared that view given the decline in crude oil prices in recent weeks.
  • All but one in the survey said that the OPEC and its partners will collectively reaffirm production targets for 2024, which include output curbs announced earlier this year. One respondent predicted that OPEC+ will unveil deeper cutbacks.

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