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Saudi Awaits "Real Numbers" to Guide Production Policy

OIL

The voluntary cut alliance between Saudi and Russia is prepared to wait months for “real numbers” before adjusting their current policies the Saudi energy minister said Sunday.

  • “Yes, we may be delayed with a decision on what to do, but I would not forfeit the precautionary approach, even if it goes beyond a month or two, or three or four months, or five months,” Prince Abdulaziz bin Salman said.
  • Saudi appears to be in particular waiting for further demand information out of China to guide its policy ahead.
  • Saudi last week affirmed commitments to 1mn bpd of extra production cuts until the end of the year and Russia for 300,000 bpd export cuts over the same time frame. Both remain open to monthly review.
Energy BulletsCommodities
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