Opec+: Russian output leaves hawkish Saudis isolated

{"text":[[{"start":12.5,"text":"Opec+ looks more like a minus for Saudi Arabia. "},{"start":15.954,"text":"The oil cartel is doing nothing to help the Gulf state lift oil prices. "},{"start":20.009,"text":"Blame the export surge from newcomer Russia. "}],[{"start":23.67,"text":"Sunday’s meeting of the expanded cartel went badly. "},{"start":26.987000000000002,"text":"Opec+ members such as Nigeria and Angola balked at a proposal to cut output quotas for the rest of 2023. "},{"start":33.604,"text":"That forced Saudi Arabia’s energy minister Prince Abdulaziz bin Salman to propose a Saudi-only 1mn-barrel daily cut for July alone. "}],[{"start":41.870000000000005,"text":"He threatened to extend the cut, but bulls had hoped for tougher action. "},{"start":45.92400000000001,"text":"Brent crude prices accordingly rose just 1.5 per cent on Monday. "},{"start":50.254000000000005,"text":"They have slipped 9 per cent to $77 per barrel this year. "}],[{"start":null,"text":"

"}],[{"start":54.620000000000005,"text":"Prince Abdulaziz bristles at oil traders’ unwillingness to see the same positive fundamentals he does. "},{"start":60.399,"text":"Demand should outpace supply for the rest of this year, he says. "},{"start":64.01700000000001,"text":"Most oil strategists agree with him, but they do not run trading desks. "},{"start":68.10900000000001,"text":"The post-lockdown pick-up in Chinese oil demand has been weaker than anticipated. "}],[{"start":73.56,"text":"Meanwhile, cash-strapped Russia is selling as much oil as it can. "},{"start":77.827,"text":"Since G7 and EU sanctions began Russia’s seaborne crude exports have jumped a fifth, according to Rystad Energy. "},{"start":84.382,"text":"No wonder some Opec+ members will not play ball with Saudi Arabia. "}],[{"start":89.38,"text":"Russian crude trades $20 below international benchmark prices. "},{"start":93.609,"text":"Friendly refiners in countries such as India and China happily slurp it up. "},{"start":97.714,"text":"About 60 per cent of Russian crude lands in both places, says consultancy Bruegel. "}],[{"start":null,"text":""}],[{"start":103.74,"text":"Equity investors are avoiding oil stocks. "},{"start":106.669,"text":"Despite hefty payouts, the shares of majors such as ExxonMobil and BP have gone nowhere for the past year. "},{"start":112.71199999999999,"text":"The MSCI All-country energy index has trailed the broader All-country benchmark since October, well after crude’s value peaked last spring. "}],[{"start":121.38999999999999,"text":"Russia needs export income to pay for its war. "},{"start":124.54399999999998,"text":"All things being equal, oil prices will remain rangebound. "},{"start":128.262,"text":"To be taken seriously, Prince Abdulaziz will have to back up his threat with action at the next Opec+ meeting in November. "}],[{"start":134.64999999999998,"text":""}]],"url":"https://creatives.ftacademy.cn/album/111262-1686007405.mp3"}