OPEC, Saudi Arabia And Iran discussed on Biz 1190 Overnight

Automatic TRANSCRIPT

Did keep prices weak at the start of the year that economic data has has turned that around a little bit. Plus we also saw coming out of this region. The OPEC December production that we reported last week that was down. We saw already some of those cuts coming in the production cuts the replying to start from January. I already coming in a little bit in December. And that was mainly on the back of of Saudi Arabia cutting around four hundred thousand barrels a day some other production outages in Libya, which are involuntary cuts in those will continue along, and we see the Saudis, probably cutting another half a million barrels a day this month in January to get to their target. So it's interesting how you almost layer up the cake because if you talk about OPEC non-opec v. Demand series, as well slide itches you if you if you add incremental layers, you would maintain that come the end of Q one the beginning of Cutie, you could see a bit of a turning into spray and city with Iran as well. Yeah. Well, this is where the a lot of the analysts already looking kind of towards the end of that first quarter and in the second quarter for those cuts to start to have an impact on the price. You know, we still really weak prices at the end of last year. So that that OPEC kick is going to be a little bit delayed. According to what we're seeing in the market now. So we'll have to see if OPEC countries in particularly Russia, which is one of those partner countries in those cuts..

Coming up next