Saudi Arabia likely to extend additional oil supply cuts beyond December 2023
Live MintWorld's top exporter Saudi Arabia is expected to extend its additional voluntary supply cuts to at least the first quarter, if not the first half of 2024, Amrita Sen, co-founder of consultancy Energy Aspects said on Wednesday. Current oil prices are not low enough to push the Organization of the Petroleum Exporting Countries and their allies, known as OPEC, to deepen supply cuts in 2024, she said at the FT Asia Commodities Summit. Brent prices are holding at just above $82 a barrel, depressed by concerns about economic growth and demand, despite support from supply cuts by OPEC and its allies and conflict in the Middle East. The U.S. Treasury Department sent notices on Friday to ship management companies requesting information about 100 vessels it suspects of violating Western sanctions on Russian oil, Reuters reported on Monday.