Saudi Arabia pledged to cut production right after the OPEC+ summit in early June, however, it took the market several weeks to see and properly assess the impact of such output curtailments. When Middle Eastern national oil companies set out to issue their formula prices for August 2023, Saudi Arabia’s extension of the production cuts into August and Russia’s pledge to cut exports by 500,000 b/d in the same month were making headlines across the OPEC+ universe. The market needed the Saudi extension as worrying signs of an impending…
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