OPEC+ Delivers A “Saudi Lollipop” For Oil Traders

OPEC+ Delivers A “Saudi Lollipop” For Oil Traders

Following an extended fractious meeting and the banning of prominent media outlets from covering it, OPEC+, the group of a select bunch of Russia-led crude oil producers and the Organization of the Petroleum Exporting Countries, announced a "voluntary" production cut by its de facto leader Saudi Arabia on Sunday (June 4, 2023).

The move – described as a "Saudi Lollipop" by the country's Energy Minister Prince Abdulaziz bin Salman – will take out 1 million barrels per day (bpd) of production from the world's supply pool in July, as OPEC+ stares at a crude glut in tough economic conditions and attempts to support prices.