Saudi Arabia Shocks Oil Markets

COVID Oil Market Update Saudi Arabia shocked the markets this week when it said it would not keep up the voluntary portion of the cuts--the extra cuts beyond the official OPEC+ agreement--past June. The news came the day after the group agreed to extend the current OPEC production quota agreement through July in an effort to continue to draw down global inventories. Next week, a panel led by OPEC will meet to review the market but are not scheduled to make any decisions about extending cuts. Slow demand for fuels has reportedly forced Exxon to…