Saudi oil minister says it is premature to say if OPEC+ will cut production
Saudi pours some cold water on expectations ahead of Thursday's meeting
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.
- Uncertain what size of supply cut the world needs
- OPEC+ needs to figure out what needs to be done
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.