By Giles Coghlan, Chief Currency Analyst at HYCM
- Saudi’s want cartel’s ‘laggards’ to comply with current curbs, rather than pushing for deeper trims in output.
- Effort is aimed at ‘bolstering oil prices’ and reminding potential Aramco investors of Saudi Arabia’s considerable sway with OPEC, according to people familiar with the plan.
Oil unmoved on the headline. There needs to be some further details to these proposed cuts to really get another bid under oil.