Posted 12/5/2023, 8:27:47 PM
Oil Glut Concerns Weigh on Prices Despite Saudi Export Cuts
- Oil market indicators show supply outpacing demand, overshadowing Saudi pledges on production cuts
- Saudi Arabia lowered crude selling prices to Asia, signaling market weakness
- US crude exports expected to hit record highs, pushing benchmarks near lows
- Traders unconvinced new OPEC+ cuts will tighten market as non-OPEC production consistently beats expectations
- Demand outlook hurt by rising concerns about China economy