In the absence of a deal for group-wide cuts, Riyadh could simply maintain its own unilateral 1 million-barrel curb into early 2024, though crude traders warn though that this wouldn’t be enough to avert a price sell-off.
Before the delay, oil traders had thought Saudi Arabia was gearing up to announce an extension of its unilateral 1 million barrel-a-day cutback in a bid to prop up faltering prices.