Commodities
Oil Traders Are Daring to Defy Market Kingpin Saudi Arabia
- Price reaction to OPEC+ output cuts becoming less pronounced
- Market is closely watching for signs of a Chinese slowdown
Prince Abdulaziz bin Salman al-Saud in Riyadh, on June 11.
Photographer: Fayez Nureldine/AFP/Getty ImagesThis article is for subscribers only.
Oil traders are starting to ignore the most important person in the market. It could prove a risky gambit.
A week ago, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman pledged to unilaterally cut the country’s July oil production to the lowest in over a decade, excluding Covid-19 era curtailments. He described the move as a “lollipop.”