MM119: When 'good' news is 'bad' news for markets & Are OPEC+ fighting a losing battle?
Market Maker
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The US, Russia, and Saudis Cut 500,000 Broughs Per Day in Oil Prices
The cuts amount of one and a half percent of global supply. They bring the total pledged by OPEC plus to 5.16 million Broughs per day. Saudi are now producing nine million barrels a day, which is actually the lowest amount they've produced in more than 10 years. So why is the price not going up? Well, I think there's two key things here: Number one, Saudi are just handing market share to the US producers because production is going up in non-OPEC countries.
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