Why Saudi Arabia Is Desperate To Extend OPEC+ Cuts

OPEC+ hopes to reduce global storage volumes with their production cuts, and hopes to extend them through at least, the summer. OPEC’s regular meeting in Vienna is coming up and of course the Russians will be invited as they hold the key to realizing the 9.7 mm BOPD cut now in effect through June. Their hope is to extend these cuts beyond the June-30th expiration through September, 1st. These cuts, as painful as they are to the economies of the OPEC member states, and that of Russia as well, are necessary in order for the cuts to deliver…