The decision by Opec+ members to extend voluntary oil production cuts to July has merely delayed the difficult question of how long Saudi Arabia is willing to bear the weight of lower global output, say analysts.
The series of cuts, which began in November 2022 in the face of vehement US opposition, has crimped production of crude by some 5.3mn barrels a day, or about 5 per cent of global supply.
These curbs on supply have helped prop up the price of crude for the past 18 months but left Saudi Arabia, which has cut its production by 2mn barrels a day, shouldering most of the cost.
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