Saudi Arabia is likely to sell new international bonds soon as Sunday's historic deal to cut oil output among major producers puts further pressure on revenues already hurt by the collapse in crude prices, four banking sources said.
DUBAI - Saudi Arabia is likely to sell new international bonds soon as Sunday’s historic deal to cut oil output among major producers puts further pressure on revenues already hurt by the collapse in crude prices, four banking sources said.
“It’s the logical next step ... they may wait a bit for the oil market to react to the cuts as their name is more closely associated with oil,” said a debt banker. To stabilise oil markets, the Organization of the Petroleum Exporting Countries and its allies led by Russia, a grouping known as OPEC+, agreed to cut output in May and June by 9.7 million barrels per day, or around 10% of global supply.“We believe that OPEC+’s proposed 9.7 million b/d reduction for May and June will not be sufficient to counter the sharp drop in global demand caused by the pandemic,” Monica Malik, chief economist at Abu Dhabi Commercial Bank, said in a research note.
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