Further action? What is this going to be then? 10 MMbbl/d less for summer? Double the cuts? Make sure that the paper deal actually delivers all the punch it should have and force everyone to live up to its promises? Or will the Saudis refrain from swamping the market with cheap oil before the deal goes into effect? Come on – those hints are not worth a turd. The market is in panic.
Saudi Arabia and Russia signaled they may be open to further output cuts after the latest OPEC+ deal to curb global oil supplies failed to stem crude's downward spiral.