Saudi Arabia Could Deepen Production Cuts As China’s Oil Imports Fall

Last month, several commodity experts predicted the Saudis will prolong its voluntary production cut but taper off their extra cut by restoring 250,000-500,000 barrels a day of halted production in September. A week later, Saudi Press Agency (SPA) published confirmation that the country will indeed extend its 1 million barrels per day (mb/d) oil output cut into September, but with an important nuance that was largely missed by much of the media coverage that the cut “can be extended or extended and deepened”. This marks the…