Saudi Arabia’s New Oil Play – Embracing the Glut to Win the Long Game ...Middle East

Oil markets took another hit this weekend as OPEC+ threw another curveball. In a virtual meeting Saturday, the group’s top producers—Saudi Arabia and Russia—announced a 411,000 barrels per day (bpd) output hike for June, nearly triple what had originally been planned. The move follows a similar surge for May and signals a stark strategic pivot from defending prices to flooding the market. At first glance, this looks like a crackdown on quota violators. Kazakhstan and Iraq have repeatedly overproduced despite OPEC+ curbs. Kazakhstan…

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Saudi Arabia’s New Oil Play – Embracing the Glut to Win the Long Game ...Middle East

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