The United Arab Emirates aligns with Saudi Arabia’s thinking on crude oil markets and supports its recent comments, a source with knowledge of the matter told Reuters today.
OPEC’s de facto leader, Saudi Arabia, on Monday signaled the possibility of introducing production cuts to balance an oil market it described as “schizophrenic”.
Possible OPEC+ production cuts discussed this week by Saudi Arabia may not be immediate and are likely to coincide with Iran’s return to oil markets if it strikes a nuclear deal with the West, nine OPEC sources told Reuters on Tuesday.
The sources said a production cut at the upcoming OPEC+ meeting on September 5 may be too soon to happen, but could be necessary if a possible revival of the 2015 nuclear deal with Tehran brings additional quantities to the oil market. .
Source: Capital
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