“We are moving to the next phase of the oil output cut agreement,” Saudi Arabia’s energy minister Prince Abdulaziz bin Salman said on Tuesday.
“Easing of cuts will be consumed as demand will continue to recover.”
“Local Saudi August extra oil demand will be 0.5 million barrels per day (bpd) higher.”
“No increase in Saudi oil exports in August.”
“Effective cuts will be deeper than 7.7 million bpd.”
Crude oil prices largely ignored these comments. As of writing, the barrel of West Texas Intermediate was gaining 1.1% on the day at $40.85.