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Saudi May Look for Cut Support from Other OPEC+ Members: Andurand

OIL

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.
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