US EditionSaudi Arabia signals it can live with lower oil prices: Reuters
- Saudi Arabia signaled on April 30, 2025, that it can tolerate prolonged low oil prices without further supply cuts, briefing allies and experts.
- This follows a steep oil price drop to below $60 a barrel and an April that marked the worst monthly oil performance since 2021 due to a surprise OPEC+ output hike.
- Saudi frustrations grew as members like Kazakhstan and Iraq exceeded production quotas, undermining output restraint efforts that previously supported revenue.
- Officials stated Saudi Arabia can withstand lower prices by raising borrowing and cutting costs, while a source said it might need to delay some major projects.
- The shift suggests a managed unwinding of cuts that could lead OPEC+ to accelerate output hikes amid concerns of a global surplus and weaker energy demand.
Insights by Ground AI
Does this summary seem wrong?
Podcasts & Opinions
19 Articles
19 Articles
All
Left
3
Center
4
Right
1
Saudi Arabia signals it can live with lower oil prices, sources say
Saudi Arabian officials are briefing allies and industry experts to say the kingdom is unwilling to prop up the oil market with further supply cuts and can handle a prolonged period of low prices, five sources with knowledge of the talks said.
·United Kingdom
Read Full Article
Coverage Details
Total News Sources19
Leaning Left3Leaning Right1Center4Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 38%
C 50%
13%
Factuality
To view factuality data please Upgrade to Premium
Ownership
To view ownership data please Upgrade to Vantage
