OPEC+ Sticks to Strategy, Saudi Arabia Extends Unilateral Oil Cut
🇸🇦 OPEC+ Sticks to Strategy, Saudi Arabia Extends Unilateral Oil Cut.
OPEC+ decided to maintain its current production cut strategy after Saudi Arabia extended its unilateral cutback of 1 million barrels a day into September. During an online meeting on August 4, a monitoring committee composed of key OPEC+ nations recommended no changes to the coalition's supply policy. The committee stated that they will closely assess market conditions and are prepared to take additional measures if needed. The decision comes as crude oil prices trade near a three-month high of over $85 a barrel in London, but concerns about China's economic rebound cloud the demand outlook. Major consuming nations have criticized the Saudis for further constriction, fearing it could lead to renewed inflationary pressures on consumers. Russia is also continuing export restraints into September, slightly tapering them to 300,000 barrels a day.
Oil prices fluctuated within a tight range on Friday, as investors weighed mixed signals from the world's top oil consumers, China and the U.S. Brent crude slipped 13 cents to $83.75 per barrel, while West Texas Intermediate (WTI) fell 4 cents to $79.22.