Saudi Arabia Doesn’t Care About Surging Oil Prices. How High Will Oil Go?

Saudi Arabia Doesn’t Care About Surging Oil Prices. How High Will Oil Go?

Share to Linkedin Crude and Brent oil prices continue surging today after OPEC+ shocked the world by keeping the deep oil production cut in place. This was the most bullish outcome as market players didn't expect Saudi Arabia to stick to its voluntary production cuts. Saudi Arabia and Russia are the most prominent players controlling the oil narrative. Their decision confirms that they can move oil prices. Brent and Crude prices surged over 4% after the Saudi and Russian-led group left production unchanged. Oil traders strongly believe that oil prices are heading higher now as the OPEC+ cartel is not ready to significantly disrupt the oil supply. Rows of pump jacks silhouette and oil barrel drums against a sunset sky with deliberate lens flare ... [+] and copy space. These jacks can extract between 5 to 40 liters of crude oil and water emulsion at each stroke. Oil traders were expecting that OPEC and its allies (OPEC+) will increase the production cut that it put in place to support the oil price when oil futures crashed into negative territory in April. The number up for production cut debate was 1. 5 million barrels-per-day (bpd). Russia and Kazakhstan were able to