Saudi Arabia tired of OPEC laggards
The Wall Street Journal is reporting that Saudi Arabia is threatening to boost oil production unilaterally if some OPEC nations continued to to defy the groups output curbs. This is according to cartel officials. The ultimatum comes as OPEC+ countries are about to start their 2 day meeting on Thursday and Friday in Vienna.
The Wall Street Journal reports that:
If the noncompliance continues, the Saudi official signaled that the kingdom would begin merely complying with its commitment-rather than overcutting to make up for laggards in the group.
Saudi Arabia is on the verge of its initial public offering of the Saudi Arabia and Oil company (Aramco) this week.
You can read the full article here.
The price of crude oil did dipped back down below the $58 level II a swing low $57.84. However the price has since rebounded back up to $58.12 currently. The high price for the day reached $58.53 helped by a larger than expected drawdown of crude oil inventories.
