- Oil rises following Saudi Arabia’s announcement of further voluntary cuts
- July ’23 WTI gained $1.79 this morning to trade around $73.50/Bbl
- Sunday’s much-anticipated OPEC+ meeting resulted in Saudi Arabia unilaterally deciding to cut its oil production by 1 MMBbl/d for July
- Equities trade higher, and the U.S. dollar rose to its highest since March
- The Baker Hughes oil rig count report on Friday showed a decline of 15 rigs for the week ending June 2nd, hitting the lowest point since April 2022
- Saudi Announces Major Production Cuts; OPEC+ Extends Supply Cut into 2024
- Saudi Arabia announced an additional voluntary cut of 1 MMBbl/d for July
- Saudi Energy Minister Salman said he would do “whatever is necessary to bring stability to this market” following Sunday’s meeting
- The rest of the 23-nation cartel offered no additional cuts but agreed to extend their current cuts (3.66 MMBbl/d) until the end of 2024
- Some of the OPEC+ members’ quotas were redistributed based on actual production, allowing UAE an additional 0.2 MMBbl/d quota from January 2024
- Iraq and Turkey Nearing Agreement to Restart Ceyhan Oil Exports (Bloomberg)
- “There are talks with the Turkish side to resume pumping, and we are hoping to receive soon a Turkish delegate to resolve this issue,” said Iraqi Oil Minister Hayyan Abdul Ghani
- Turkey halted a Ceyhan-bound pipeline after Iraq won a long-standing arbitration case in March
- The halt in exports has led to Iraq's lowest export levels in two years, affecting nearly 0.5 MMBbl/d of crude supplies