Saudi Arabia could deepen production cuts beyond 1 million barrels per day if Brent futures drop below $70/barrel: analyst
— a kind of sweetener for the OPEC+, or the Organization of the Petroleum Exporting Countries and its allies — at a news conference following the meeting.
He said at the news conference the cut could be extended and that the group"will do whatever is necessary to bring stability to this market," per The Associated Press. "The move of OPEC+ is within our expectations while the kingdom has made good its intention to shore up the market," Kang Wu, the head of global demand and Asia Analytics at S&P Global Commodity Insights, told Insider.
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