The Ongoing Struggle to Stabilize Oil Prices.
TL;DR Summary
Saudi Arabia's attempt to boost oil prices by pledging a 1 million b/d production cut has backfired, with prices falling and its market share in Asia now under threat. The IEA warns of higher prices coming soon and stock draws intensifying in the second half of 2023. OPEC+ formalized the oil group's 2024 production targets, lowering them by 1.4 million b/d compared to the current quota of 40.46 million b/d. The European Commission decided not to prolong emergency measures for the EU power generation market. Lightning struck one of the naphtha tanks at the 135,000 b/d Lake Charles refinery in Louisiana, which may be closed for up to two months.
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