OIL CUTS push price higher

5 ביוני 2023

I've been keeping an eye on the crude oil market and it's been quite a ride. So, OPEC+ had a meeting in Vienna and they've decided to cut production starting from July 1st. It's interesting to note that Saudi Arabia is taking the brunt of it, slashing their production by a million barrels per day. This means they'll be producing around 9 million barrels per day, a significant drop from their previous 10.5 million barrels per day before the cuts in April. On the other hand, Russia's production targets are staying the same, and the UAE even got the green light to up their production a bit. Also, the US Dollar is showing some muscle after some mixed jobs data came out, and I'm curious to see how this might shake up oil prices.