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It had already been a miserable month for oil, which has suffered its worst monthly performance since 2021 and also is on pace for its month of April on record… and then it got even worse when shortly before noon ET, when Reuters reported <www.reuters.com/business/energy/saudi-arabia-signals-it-can-live-with-lower-oil-prices-sources-say-2025-04-30/>, citing multiple sources, that Saudi Arabian officials are *briefing allies and industry experts to say the kingdom is unwilling to prop up the oil market with further supply cuts and can handle a prolonged period of low prices.*
This shift in Saudi policy could *suggest a move toward producing more and expanding its market share*, a major change after five years spent balancing the market through deep output as a leader of the OPEC+ group of oil producers. Those cuts had supported prices, in turn bolstering the oil export revenue that many oil producers rely on, but many OPEC+ members – most notably Kazakhstan – took advantage of the production restraint and blew away through their export quotas, infuriating other cartel members.
Sure enough, Reuters notes that Riyadh has been angered by Kazakhstan and Iraq producing above their OPEC+ targets. And after pushing members to adhere to those targets and to compensate for oversupply in recent months, a frustrated Riyadh is changing tack, OPEC+ sources said.
Saudi Arabia pushed for a larger-than-planned OPEC+ output hike in May, a decision that helped send oil prices below $60 a barrel to a 4-year low.
It had already been a miserable month for oil, which has suffered its worst monthly performance since 2021 and also is on pace for its month of April on record… and then it got even worse when shortly before noon ET, when Reuters reported <www.reuters.com/business/energy/saudi-arabia-signals-it-can-live-with-lower-oil-prices-sources-say-2025-04-30/>, citing multiple sources, that Saudi Arabian officials are *briefing allies and industry experts to say the kingdom is unwilling to prop up the oil market with further supply cuts and can handle a prolonged period of low prices.*
This shift in Saudi policy could *suggest a move toward producing more and expanding its market share*, a major change after five years spent balancing the market through deep output as a leader of the OPEC+ group of oil producers. Those cuts had supported prices, in turn bolstering the oil export revenue that many oil producers rely on, but many OPEC+ members – most notably Kazakhstan – took advantage of the production restraint and blew away through their export quotas, infuriating other cartel members.
Sure enough, Reuters notes that Riyadh has been angered by Kazakhstan and Iraq producing above their OPEC+ targets. And after pushing members to adhere to those targets and to compensate for oversupply in recent months, a frustrated Riyadh is changing tack, OPEC+ sources said.
Saudi Arabia pushed for a larger-than-planned OPEC+ output hike in May, a decision that helped send oil prices below $60 a barrel to a 4-year low.
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