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Saudi Expected to Extend Cuts in Sept: Bloomberg Survey

OIL

Saudi Arabia is expected to extend the 1mbpd oil supply cut again into September according to a Bloomberg survey. Fifteen of 22 traders, analysts and refiners surveyed by Bloomberg predict it will continue into September.

  • Saudi Arabia have already extended the pledged cuts once from July into August and has been a key driver of the oil price rally this month.
  • Six participants in the survey predicted a supply shortfall in global oil markets will encourage the Saudi Arabia to taper cuts by restoring about 250kbpd to 500kbpd of halted production in September.
  • Any announcement could be expected next week after the pervious voluntary production cuts came via state media in the first week of the month.
  • Brent crude has risen from around 75$/bbl at the start of July up to over 83$/bbl although gains have today been limited by economic concerns ahead of the US Fed rate announcement.
    • Brent SEP 23 down -0.6% at 83.12$/bbl
    • WTI SEP 23 down -0.7% at 79.08$/bbl
Energy BulletsCommodities
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