Saudi ministry of energy

Saudi Arabia seeks to shape oil market as Opec+ members differ over strategy

In depth
Issue 1171 - 07 Jun 2023 | 8 minute read

Amid a waning consensus over strategy, the Opec+ meeting in Vienna in early June broke up with Saudi Arabia making a unilateral output cut of 1m b/d, reflecting Riyadh’s determination to shape market forces and bolster prices. The UAE was also handed a higher production quota, but several other members were left unhappy at an unwelcome squeeze on their future production.

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