RE:Saudi to cut production The present voluntary cuts are extended, and not made arbitrary. Everything stays the same as before, with some quota shuffling, and the Saudis announced a 1 m bpd one month cut to make shorters see some 'ouching'.
I think the market needs to see further evidence of continued dropping inventories in the next weeks before starting a big push up.
Saudi OSPs soon will tell us more.
This move may put an end to the chances of refilling the US SPR anytime soon.
Saudis cut another 1m b/d for July, bringing output to a 10-year of 9m b/d (excluding covid cuts). UAE wins a higher quota for 2024, at the expense of Nigeria and Angola. Russia gets away with its claim its cutting output, and free rides on Saudi cuts.