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Saudi Cut May Extend Into 2024: RBC

OIL

The voluntary cut in Saudi Arabia’s production could remain in place beyond the end of the year, according to RBC.

  • “With softer balances anticipated in 1H 2024, we see a path for the Saudi unilateral cut to remain in place beyond year-end,” RBC chief commodities strategist Helima Croft said in a report.
  • The report also warned that if prices continue to decline, further cuts could occur.
  • “We do not entirely rule out that the producer group could consider additional output action if oil gets caught in another macro maelstrom,” the report added.

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