Oil advanced at the week's open after Saudi Arabia pledged to shave an extra one million barrels-a-day from its production in July, taking output to the lowest level in years in an effort to stabilize the market.
Oil advanced at the week's open after Saudi Arabia pledged to shave an extra one million barrels-a-day from its production in July, taking output to the lowest level in years in an effort to stabilize the market.
Oil in New York tumbled 11 per cent last month as demand concerns, especially in China, sapped confidence. Most market watchers had expected OPEC+ to keep output unchanged, including Goldman Sachs Group Inc., whose analysts forecast major producers holding steady. The outcome was “moderately bullish,” the bank said after the gathering in Vienna.
The move left the kingdom potentially sacrificing further market share to stabilize prices. Against that, others in the group pledged to maintain existing cuts until the end of 2024, though Russia made no commitment to curb output further and the United Arab Emirates secured a higher production quota for next year.
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