Saudi Arabia’s latest oil production cuts show it is back in ‘whatever it takes’ mode, strategist says

Saudi Arabia’s latest oil production cuts show it is back in ‘whatever it takes’ mode, strategist says

Ellen Wald of Transversal Consulting said Saudi Arabia is looking to regain a measure of leadership that was lost in March when it decided to flood the market with oil.. Voluntary production cuts by OPEC members show that oil producing countries are doing what they can to stabilize the market during the ongoing coronavirus outbreak, one strategist told CNBC this week.. "The OPEC heavyweights are sort of lining up to try to do what they can to stabilize this market," said Helima Croft, global head of commodity strategy at RBC Capital Markets.. It also remains to be seen whether the latest oil production cuts will "really shore up oil prices and help lift company revenues," said Ellen Wald, president of Transversal Consulting.. "Saudi Arabia is looking to regain a measure of leadership that I think it lost in March," she said.. RBC Capital Markets' Croft said Saudi Arabia is now back in "whatever it takes" mode..