Saudi oil minister says it is premature to say if OPEC+ will cut production

Author: Justin Low | Category: News

Saudi pours some cold water on expectations ahead of Thursday's meeting

  • Uncertain what size of supply cut the world needs
  • OPEC+ needs to figure out what needs to be done
Well, that was a quick change in sentiment to the post I made moments ago. Oil dips a little to $54.10 on the headlines but now trades around $54.20 levels, still holding onto its gains.

Although I highly doubt that they will opt to choose to not push forward with production cuts on Thursday. If anything, this may be more of a compromising position to appease Russia so as to alleviate some of the pressure ahead of the meeting later this week.

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