Commodities
Saudi Arabia Seen Prolonging Million-Barrel Oil Supply Cut
- Several OPEC+ delegates see Saudi cut extended into August
- Almost all 23 traders and analysts in survey predict the same
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Saudi Arabia is expected to extend its unilateral 1 million barrel-a-day oil output cut for at least another month, as global crude markets remain pressured by economic fears.
Riyadh surprised oil traders earlier this month when it announced the extra cutback, which came on top of curbs it was already making with fellow OPEC+ producers. The supply reduction will take effect in July, with the possibility of extensions.