Core Viewpoint - Saudi Arabia is unwilling to further cut oil supply to support the market and is prepared to cope with long-term low oil prices, indicating a potential shift towards increasing production and expanding market share [1] Group 1: Saudi Arabia's Oil Policy - Saudi officials are communicating to allies and industry experts that they do not intend to reduce supply further [1] - This shift in policy marks a significant change for Saudi Arabia, which has historically engaged in deep production cuts to balance the market as a leader of the OPEC+ group [1] - The previous production cuts have supported oil prices, which many oil-producing countries rely on for export revenue [1] Group 2: Response to Other OPEC+ Members - Saudi Arabia is reportedly frustrated with Kazakhstan and Iraq for exceeding their OPEC+ production targets [1] - The country is changing its strategy after pushing member countries to adhere to these targets and address recent supply surpluses [1]
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news flash·2025-04-30 15:53