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Analysis

Saudi-led OPEC turns deaf ears on oil cuts amid global slowdown

Predictions for GDP growth in the Gulf look more optimistic than those for the rest of the world, and the region is resisting calls to stop cutting oil production.

Salim A. Essaid
Salim A. Essaid
Apr 29, 2023
A picture taken on April 4, 2023 shows the Nahr Bin Omar oil field and facility near Iraq's southern port city of Basra. - Major oil powers led by Saudi Arabia announced a surprise production cut of more than one million barrels per day on April 2, calling it a "precautionary" move aimed at stabilising the market. (Photo by Hussein FALEH / AFP) (Photo by HUSSEIN FALEH/AFP via Getty Images)
A picture taken on April 4, 2023 shows the Nahr Bin Omar oil field and facility near Iraq's southern port city of Basra. Major oil powers led by Saudi Arabia announced a surprise production cut of more than one million barrels per day on April 2, calling it a "precautionary" move aimed at stabilizing the market. — HUSSEIN FALEH/AFP via Getty Images

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