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As a result of spare capacities being severely limited, Prince Abdulaziz bin Salman has prepared the market for a new round of production cuts with an announcement that “OPEC+ could cut production at any time.” This decision is partly due to the forecasted volatility and disconnect in the future oil markets, along with unforeseen sanctions or embargoes. To limit risks, OPEC+ members may cut production following a report that showed members underproduce by almost 3 million bpd in July. A cut in production will have a significant impact world wide and can spark tensions with the United States, who pushed for a higher production.  

Saudi Minister Says OPEC+ Could Cut Production At Any Time

As a result of spare capacities being severely limited, Prince Abdulaziz bin Salman has prepared the market for a new round of production cuts with an announcement that “OPEC+ could cut production at any time.” This decision is partly due to the forecasted volatility and disconnect in the future oil markets, along with unforeseen sanctions or embargoes. To limit risks, OPEC+ members may cut production following a report that showed members underproduce by almost 3 million bpd in July. A cut in production will have a significant impact world wide and can spark tensions with the United States, who pushed for a higher production.

 

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