/biz/ - Business & Finance

This is actually quite surprising, since it was assumed by many that Saudis and by extension OPEC didn’t have any spare capacity slack to give, but maybe that will change in the coming months. Thought the Saudis would be more hostile towards US, but MBS is actually calling for more western cooperation despite being in the same oil cartel as Russia, who is very much diametrically opposed to that notion.

WTI might break $90 on this news once trading re-opens, but there is still enough of a structural supply shortfall that a recession and Saudi help may still not be enough to stop WTI hitting $150 eventually.

https://www.businessinsider.com/saudi-arabia-agrees-to-boost-oil-production-after-biden-visits-2022-7