Saudi Arabia’s New Oil Play - Embracing the Glut to Win the Long Game

Oil markets took another hit this weekend as OPEC+ threw another curveball. In a virtual meeting Saturday, the group’s top producers—Saudi Arabia and Russia—announced a 411,000 barrels per day (bpd) output hike for June, nearly triple what had originally been planned. The move follows a similar surge for May and signals a stark strategic pivot from defending prices to flooding the market. At first glance, this looks like a crackdown on quota violators. Kazakhstan and Iraq have repeatedly overproduced despite OPEC+ curbs. Kazakhstan…Weiter zum vollständigen Artikel bei OilPrice.com Weiter zum vollständigen Artikel bei OilPrice.com