Are Traders Overlooking The Real Oil Price Influencer?

Was the meeting between the OPEC and non-OPEC oil ministers in
St Petersburg, Russia on 24 July a game changer or not? There were
high hopes for additional production cuts, which were partially
realized, but just what does the playbook look like? 1) Saudi
Arabia announced its intention to make further cuts to bolster
flagging oil prices. Saudi minister Khaled al-Falih said that Saudi
oil exports would be limited to 6.6 million barrels per day, a
decline of about a million barrels or almost 14 percent compared to
last year. Sounds impressive, but…

Was the meeting between the OPEC and non-OPEC oil ministers in
St Petersburg, Russia on 24 July a game changer or not? There were
high hopes for additional production cuts, which were partially
realized, but just what does the playbook look like? 1) Saudi
Arabia announced its intention to make further cuts to bolster
flagging oil prices. Saudi minister Khaled al-Falih said that Saudi
oil exports would be limited to 6.6 million barrels per day, a
decline of about a million barrels or almost 14 percent compared to
last year. Sounds impressive, but…