Global Courant
Saudi Energy Minister Prince Abdulaziz bin Salman al-Saud arrives for the Organization of the Petroleum Exporting Countries (OPEC) meeting in Vienna on June 3, 2023.
Joe Klamar | Afp | Getty Images
The influential Organization of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, made no changes to planned oil production cuts for this year on Sunday as coalition chair Saudi Arabia announced further voluntary cuts.
Ahead of the meeting, Saudi oil minister Prince Abdulaziz bin Salman in late May warned oil market speculators to “watch out,” in a comment widely read as an announcement of a resupply.
It remains to be seen whether the 2024 production cut will provide sustained support to current oil futures prices when markets open Monday, following months of pressure from the global financial turmoil since the start of the year.
Brent futures most recently settled at $76.13 a barrel on Friday, with several OPEC+ delegates noting the deepening gap between prices and fundamental supply and demand.