Saudi Arabia’s extra voluntary oil-production cut, which came on top of the OPEC+ supply curbs, will cease at the end of this month as demand recovers.
Energy Minister Prince Abdulaziz bin Salman said the kingdom’s additional reductions, which amounted to about 1.2 million barrels a day including contributions from its closest allies in the Persian Gulf, will only take effect in June as planned.
This hasn’t been taken as very positive news in the European opening of trading, with prices moving into negative territory. Well there’s a surprise. So their plan is to promise to extend the cut even though they are producing more.
Perhaps I should apply this same logic to my work. I am now going to ask for more pay for more hours of work, even though I’m now taking back my previous plans to work Friday’s and after 5pm.
More for less, that seems fair right? I should submit a new term to the Oxford Dictionary, ‘OPEC Logic’, meaning a nonsensical statement presented in all seriousness and a logical and correct one.