As predicted in my article at the end of May - partly because Russian Deputy Prime Minister and key OPEC+ negotiator Alexander Novak clearly indicated that OPEC+ would definitely not announce a surprise cut in oil production - OPEC+ did announce a surprise cut in oil output at its meetings beginning 4 June. As also predicted in the same piece, the net effect of the 1.16 million barrels per day (bpd) production cut achieved nothing good for Saudi Arabia – either through the sustained oil price gains it anticipated or in repairing its shattered…
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