OPEC+ members agreed on 3/3/2024 to extend their oil production cuts of 2.2 million barrels per day (bpd) until Q2 2024. The new policy will see a Saudi output of around 9 million bpd until the end of June 2024.
Saudi Crown Prince Mohammad Bin Salman (MBS) is said to be expecting the cartel to defend prices.
The note highlights the following key aspects:
- The main reason behind OPEC+ decision to extend oil cuts
- MBS views on the extension and prices
- MBS expectations of upcoming OPEC+ meeting and oil market
