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Saudi Arabia's Golden Giveaway to Crude Producers: Oil Strategy

  • Other producers are getting a free ride on bigger Saudi cuts
  • Non-OPEC producers buoyed by the group’s action to lift prices
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OPEC Forecasts Less Oil Demand as U.S. Builds Supplies

For years Saudi Arabian oil ministers have said that the kingdom won’t balance the oil market on its own. That is pretty much what it’s doing now.

By cutting output more than it pledged and promising to go even further next month, the world’s largest crude exporter is handing a free pass to producers elsewhere in the OPEC+ alliance and simultaneously yielding market share to the U.S.