Oil watchers not paying close enough attention to Saudi’s Opec+ policy

Saudi Arabia’s ‘whatever it takes mode’ suggests oil market floor will be defended despite macro challenges and Russia test

Countless largely critical columns have been written about Saudi Arabia’s recent moves in spearheading Opec+ production cuts. The folly of going after oil market short-sellers, a pre-occupation with sentiment versus physical reality, the dangers of market surprises in creating volatility, the potential weakness of the Opec kingpin’s solo 1mn bl/d cut from July and whether Russia has Saudi Arabia over the proverbial barrel have been some of the arguments made. It is a long list.  The oil market too seems to have shrugged off the significant steps to cut supply, tending to focus on global macroeconomic weakness and the fact Russia’s supplies have yet to come down in line with its quota commitm