Russia's oil production has remained resilient even in the face of Western sanctions.
"Hope of a U.S.-Iran deal
within grasp is one thing. But guarantee of a quick and unencumbered passage of such a complex, layered deal is quite another," Mizuho's Vishnu Varathan said in a daily research note. Goldman is of the view that the additional cuts implemented by Saudi Arabia are unlikely to result in a price spike, even as the kingdom's output will see a decline to"The extra Saudi cut and our expectation that OPEC+ will extend half of its April voluntary cut in 2024 will likely only partly offset these bearish shocks," the report continued.
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