Standard Chartered Saudi Arabia is unlikely to accept any further backsliding on promises made by OPEC overproducers.
The oil price rally has reversed again after reports emerged that OPEC ’s biggest oil producer, Saudi Arabia , is rumored to be looking to accelerate the process of unwinding its oil production cuts . The Brent forward curve has taken a circuitous path in September, going from significant backwardation at the end of August to flat on 10 September; this has been followed by a gradual recovery and steepening up to 24 September and then another flattening.
Back in July, Russia, Iraq and Kazakhstan submitted their compensation plans to the OPEC Secretariat for overproduced crude volumes for the first six months of 2024. According to OPEC, the entire over-produced volumes will be fully compensated for over the next 15 months through September 2025, with Russia ‘paying back’ a cumulative 480 kb/d, Iraq 1,184 kb/d and Kazakhstan 620 kb/d.
Production Cuts Energy Oil Oil Supply OPEC Oil Prices
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