Saudi Arabia continuing to back up oil prices
- That includes production cuts
- Need to cut 1 million bpd from October levels
- Would not allow oil inventory to build up
This basically is more of a message to prime markets that a production cut will be coming next year. The next real question will be by how much and they've already provided a sort of indication there. But let's see how expectations further develop going into December's OPEC+ meeting before jumping on the bandwagon.
Oil prices already got a good lift from the weekend as Saudi Arabia is cutting 500k bpd in exports starting from December. WTI is up 1.4% to $61.04 currently.
