But bulls argue the landmark remains possible
This year Saudi Arabia and its allies in the Organisation of the Petroleum Exporting Countries have been trying to climb what seems like a particularly slippery slope. Despite production cuts, crude-oil prices, which exceeded $115 a barrel for much of June 2022, languished below $80 a year later. Then the cartel appeared to regain control after Saudi Arabia decided on an extra output cut of 1m barrels a day —equivalent to 1% of global demand—which it has since extended until the end of the year.
5m-2m b/d supply deficit for the year as whole, most of which is due to materialise in the last quarter, as record production by non-opec countries, such as Brazil and Guyana, is finally outpaced by the cartel’s cuts. This will force users to dig deeper into their reserves. America’s crude stocks fell by 2.2m barrels to 414m barrels in the week to September 29th; a decline that may accelerate as refineries seek more crude after their maintenance season, which runs through October.
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