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Saudi Crown Prince Mohammed bin Salman (also known as MBS) appointed Saudi Prime Minister, in a government shuffling announced by a Royal Decree, in Jeddah, Saudi Arabia, on September 24, 2022.

Balkis Press/ABACAPRESS.COM

Here comes more Saudi oil

After cutting Saudi oil production from late 2022 to set a floor under slumping global oil prices, Crown Prince Mohammad bin Salman is set to change course. Depressed crude demand from China and greater non-OPEC production, particularly in the United States, have kept prices low, despite the output cut. The Middle East superpower’s move also eroded its market share.

But beginning Tuesday, the Saudis (with seven other members of the OPEC+ group) will gradually pump2.2 million barrels more per day over the next 18 months in hopes of offsetting losses from an even lower oil price by increasing Saudi market share.

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