Saudi Arabia, Russia cuts to create global oil shortfall ...Kuwait

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Saudi Arabia, Russia cuts to create global oil shortfall
Deepening Saudi oil cuts that are planned to occur until the end of the year will contribute to a 3-million-barrel per day (bpd) shortfall in the global supply of oil even as some oil producing states increase output, data published by the Organisation of Petroleum Exporting Countries (OPEC) appears to show. The shortfall, set for the last quarter of 2023, follows from a two million bpd shortfall in quarter three and, according to Bloomberg, could see the biggest global oil inventory decrease since 2007 as states eat into their own reserves to make up for the shortfall. According to OPEC, the supply of oil from its member states needs to be at around 30.7 million bpd i

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