Saudi Arabia's Oil Production Cut: Risks and Rewards.
TL;DR Summary
Citigroup believes that the recent 1 million bpd cut from Saudi Arabia is unlikely to result in oil prices reaching the high $80s or low $90s per barrel. The bank expects the possibility of lower prices due to weaker demand from recessions in the US and Europe, weaker recovery in China, and higher supply from non-OPEC producers by the end of the year. Despite this, other investment banks like ANZ and Goldman Sachs have reiterated their bullish outlook on oil prices, with ANZ analysts targeting $100 per barrel Brent by the end of the year.
- Citi Oil Prices Unlikely To Hit The High $80s After Saudi Output Cut OilPrice.com
- Saudi Arabia needs more than higher oil prices to fund its grand plans CNN
- Saudi Output Cut to Boost Oil Prices Could Be Costly The Wall Street Journal
- Saudi Arabia's Solo Oil Production Cut Is a Risky Strategy Bloomberg
- Saudi Arabia Is Taking the Oil Market Back to the Future Bloomberg
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