Saudi Arabia Likely To Extend Oil Production Cuts
Alex Kimani, OilPrice
July 26, 2023
Who was cited:
James Davis, Director of Short-Term Global Oil Service & Head of Upstream Oil - FGE
Saudi Arabia is expected to prolong its voluntary 1 million-barrel oil supply cut into September as it seeks to support the rebound in oil prices. The top OPEC producer introduced the additional cutback this month in a bid to support higher oil prices amid faltering demand. Six participants in a Bloomberg survey have predicted the Saudis will taper off their extra cut by restoring 250,000-500,000 barrels a day of halted production in September.