OPEC Data Suggest 2 Million-Barrels-a-Day Oil Supply Deficit as Saudis Cut
- Oil stockpiles may fall this quarter by most since late 2021
- Saudi Arabia slashed production to 9 million barrels a day
Photographer: Simon Dawson/Bloomberg
This article is for subscribers only.
Global oil markets are on track for a sharp supply deficit of more than 2 million barrels a day this quarter as Saudi Arabia slashes production, OPEC data indicate.
Output from the Organization of Petroleum Exporting Countries tumbled last month as the kingdom implemented a unilateral cutback to shore up markets, according to a report from the group on Thursday.