Will Saudi Arabia’s Surprise Production Cut Backfire? ...Middle East

Global energy markets and industry insiders believe that it was a good idea for Saudi Arabia to slash oil production by one million barrels daily until the end of March 2021. While it certainly helped to buoy short-term oil prices and spark a sense of optimism regarding the outlook for oil prices, which were severely impacted by the fallout from the COVID-19 pandemic, it may not be as favorable as initially believed. The surprise cut allowed a new OPEC Plus production agreement to be established after initial discussions failed because some participants,…

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