RE:RE:RE:RE:OPEC + 2 millions cut USA production is not phasing out production anytime soon. Its actually growing.
Production is 1M bbs/day higher from a year ago.
If MBS wanted to crush them he could have announced he's ending the 1M bbl/day voluntary cut at the end of the year and throwing it back in start of 2024.
Issue is the Russians need the money for the war & the Saudi's want to keep investing in businesses to diversify from Oil revenue dependance, so they dont want to go too crazy here.
Still, MBS has a larger pain tolerance than most, so he will see how it plays out for rest of the year.
Marty47 wrote: Base on what I understand the USA growth will phase out soon , I'm pretty sure they don't want 70$ wti in 2024 , they can keep pumping and give Biden help on re-election and then be crush if he's re-elected