Saudi Arabia's oil production cuts are 'significant': Analyst

📆 9/5/2023 7:31 PM
📰 YahooFinanceCA

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As Saudi Arabia and Russia extend voluntary oil supply cuts, Vectis Energy Partners Principal Tamar Essner joins Yahoo Finance Live to discuss what this means for the oil market. Essner notes that “Saudi Arabia might have a little bit of difficulty because their production cuts are going to be offset by higher production from other countries within OPEC,” but “it is really significant because they’re trying to address the skepticism of the market.” Essner says “the market’s so sensitive to China.” “The negative headlines about the property sector there have somewhat dampened petrochemical demand for oil. But post Covid and post the lockdowns, mobility demand has more than offset that… so demand in China has really been good,” Essner explains. Essner adds that for oil prices, “the base case is that oil is sort of in a nice range here between now and the end of the year.”

I was all set for my trip, or so I thought. That's when my friend told me to always keep a bread clip when traveling. The reason is quite clever.Saugata Saha, president of S&P Global Commodity Insights, discusses the outlook for oil, which extended its rally to hit the highest level since November on expectations that supply cuts by OPEC+ leaders will tighten the market.

"MONTREAL — A class-action lawsuit alleging Facebook illegally allowed advertisers to target users based on their race, age and gender can move forward after the Supreme Court declined to hear an appeal from the social media giant. Facebook had sought to have Canada's highest court overturn a Quebec Court of Appeal decision authorizing the class action.

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