Reports from Riyadh this week, which suggested that Saudi Arabia is losing patience with production cuts, have further clouded the outlook for oil supply. It’s possible that the message was intended as a warning to overproducers within OPEC+ ahead of the group’s forthcoming meeting on 5th May. But the dynamics on display vindicate our long-held view that the risks to oil prices are skewed firmly to the downside.
Note: we will be discussing the future of OPEC+, oil prices, and the Gulf in an online briefing on Wednesday 7th May at 1pm BST. You can register here.
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