Post-OPEC+ Meeting: Saudi Arabia to Control Oil Market’s Narrative (BULLISH!)

Now We Wait for Aramco’s OSP

Saudi Energy Minister Prince Abdulaziz bin Salman

Source: Reuters

Dear Readers,

The outcome of today’s OPEC+ meeting was bullish as Saudi Arabia took measures to control the oil market narrative following weeks of challenges generated by speculators, specifically oil shorts. In addition to extending its previous voluntary output reduction until the end of 2024, OPEC’s biggest producer committed to cutting 1 mb/d in July which could be renewed on a monthly basis.