Oil market yawned over Saudi cut as economic concerns cap prices -Chevron exec

📆 09/06/2023 15:45:00
📰 Reuters

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Concern about the global economy dampened the oil market's reaction to Saudi Arabia's pledge to cut supplies and has capped prices this year, a Chevron executive told Reuters on Thursday.

Word "Oil" and stock graph are seen through magnifier displayed in this illustration taken September 4, 2022.

"Saudi Arabia made a cut of 1 million barrels per day and fundamentally, the market yawned. It's all about macroeconomic sentiment." An uptick in economic activity from China and with it fuel demand could quickly change sentiment in the market, he said.The natural gas market has tightened since the Ukraine war started because Russia shut in some production when it lost European buyers due to sanctions and damage to pipelines.

Chevron is studying options to sell more gas from its Leviathan field in the Eastern Mediterranean either through regional pipelines or through installing a floating LNG facility, he said. LNG would give more flexibility, allowing Chevron to sell to the strongest market, he added.

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