From OPEC+

  • Saudi Arabia will continue to voluntarily cut 400K B/D and will cut an additional -167K
  • total OPEC+ cuts will amount to 2.1 million B/D after improved compliance.
  • need to show are serious about output cuts
  • no interest in fiddling the numbers on cuts
  • we don't want oil inventories to rise in 1Q
  • OPEC+ showing readiness by meeting in March

Aramco will start trading on Wednesday next week. There is an incentive for Saudi to keep the price elevated into the trading next week.