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Free AccessSaudi May Look for Cut Support from Other OPEC+ Members: Andurand
OPEC+ may need to announce deeper production cuts to offset strong supply growth from US plus others according to hedge fund manager Pierre Andurand in a Bloomberg tv interview.
- He said Saudi probably want to see higher prices and will be looking for other OPEC+ members to join in output cuts rather than largely shouldering them alone this year.
- He added that Saudi may reverse its own curbs if other OPEC+ members don’t contribute to the supply reductions.
- “ Despite all the announcements of cuts, OPEC+ as a group has not cut much production at all since last year” Andurand said.
- “Saudi cut and Russia marginally cut but we had much more oil from Iran, Iraq and West Africa, so overall we haven’t had much OPEC+ cuts” Andurand added.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.