Column: Saudi Arabia’s solo play shows mess of oil market contradictions: Russell – Reuters

Column: Saudi Arabia’s solo play shows mess of oil market contradictions: Russell – Reuters

LAUNCESTON, Australia, June 5 (Reuters) - Saudi Arabia's decision to deepen its crude oil production cuts, without matching contributions from its allies, underscores how the market is being skewed by a series of contradictory influences.

The world's biggest oil exporter said it will cut about 1 million barrels per day (bpd) in July, even though the rest of the OPEC+ group decided against any further joint action at its meeting in Vienna on Sunday.

It had been widely expected that OPEC+, which consists of the Organization of the Petroleum Exporting Countries and allies including Russia, would stand pat on output cuts at its weekend talks.