Oil prices are up around 1.3% at the time of writing as Saudi Arabia and Russia reiterate commitment to supply cuts. The two OPEC members confirmed their commitment to extra voluntary oil supply cuts to the end of 2023.
OIL CUTS EXTENDED TO 2024?
Given the signs of weakness we are starting to see in the US and have already seen in the majority of Europe (recent PMI data) there is a real chance the voluntary cuts may be extended into Q1 of 2024. As OPEC have continually stated their goal is to maintain price stability and balance and thus the cuts may be needed in 2024 If demand and global growth slows.