When back in July Saudi Arabia announced voluntary additional oil production cuts, traders brushed them off. Prices did not move. Everyone was preoccupied with demand in China and the U.S. Three months later, things look very different. The Saudis and Russians announced a three-month extension to their combined cuts.
Forecasters turned their attention toward supply. As it turns out, supply was already tight due to strong demand, which only aggravated the imbalance. If only someone could have seen this coming. Only many could see this coming.…Saud Arabia’s Oil Gamble Pays Off With $95 Brent
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