Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said “extreme” volatility and lack of liquidity mean the futures market is increasingly disconnected from fundamentals and OPEC+ may be forced to cut production.
“Witnessing this recent harmful volatility disturb the basic functions of the market and undermine the stability of oil markets will only strengthen our resolve,” he said. Saudi Arabia and the rest of the OPEC+ group have steadily increased production this year, reversing all of the cuts made during the coronavirus pandemic as demand recovered and Russian supply dropped.Are you concerned about the current state of the market?
How this announcement meshes with the previous promise made to president Biden to increase production? It looks to me like they are contradicting each other