According to Saudi Arabia, oil supply cuts will continue for a long time
According to Saudi Arabia, the largest producer in the OPEC+ group, oil supply cuts may continue for a long time.
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Saudi Arabian Energy Minister Prince Abdulaziz bin Salman stated that the oil supply cuts could "definitely" extend beyond the first quarter of next year.
Last week, OPEC+ announced supply cuts of more than 2 million barrels per day, with about half of that coming from Saudi Arabia.
According to Prince bin Salman, who spoke to Bloomberg, this cut will only end gradually as a result of an assessment of market conditions.
On the other hand, according to information provided by sources close to the matter, Russian President Vladimir Putin will visit his OPEC+ partners, Saudi Arabia and the United Arab Emirates. The leaders are expected to discuss the oil market.
Thus, Putin, who has been left isolated in the international arena following the invasion of Ukraine, will carry out one of his rare foreign visits.