Is the move a manifestation of Saudi Arabia’s new-found penchant for nationalism, which could incur a US backlash for undermining the US shale oil industry?
The morning after the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia agreed to reduce output by 9.7 million barrels per day in May and June.
The combination of a viral pandemic and an oil shock may have brought us to the brink of an economic crisis – with no end in sight.
OPEC published an outlook that suggests a shrinking oil market and lower oil demand growth. The organisation is being challenged by increased US shale oil production output and is curbing its own output to keep prices from dropping too low.
The 14-member Organization of the Petroleum Exporting Countries pumped 30.17 million barrels per day (bpd) in May, the survey showed, down 60,000 bpd from April and the lowest OPEC total since 2015, Reuters survey shows.
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