Saudi Arabia Expected to Prolong Oil Cut Again, Survey Shows - Bloomberg
Saudi Arabia is expected to extend a 1 million-barrel oil supply cut into October, as it seeks to shore up prices against a faltering economic backdrop.
While global crude markets are tightening as demand climbs toward record levels, this summer’s price rally has stalled on mounting concern over economic growth in China. The pullback poses risks for Riyadh, which has seen its foreign reserves slump to the lowest since 2009.
The Saudis introduced the additional supply curb in July — on top of cutbacks it’s already made with partners in the OPEC+ alliance — and has been reviewing its extension on a monthly basis.
Twenty of 25 traders and analysts surveyed by Bloomberg forecast that the kingdom will continue the measure for at least another month. Several delegates from the Organization of Petroleum Exporting Countries and its allies privately predicted the same outcome.
No comments:
Post a Comment