Energy Secretary Jennifer Granholm last month said it would be difficult for the U.S. to take advantage of low oil prices to replenish the Strategic Petroleum Reserve because of maintenance at two of the four sites.
The Financial Times reported, citing people familiar with Saudi Arabia’s thinking, that Riyadh was “irritated” by that comment. In any case, it came on top of stress in the financial sector that had dragged oil prices as low as $64 in March. The question now is the degree that OPEC will follow through with its pledge. Henri Patricot, an analyst at UBS, says there’s reason to think they will, as the countries that announced the voluntary reduction were producing close to their quotas. “As such, we would expect the actual production cut to be close to the headline number this time,” said Patricot.
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