Saudi Arabia appears to be taking its outpu cuts seriously and is filling the role of swing producer in OPEC. Tanker loading indicated crude oil production of a bit above 8.0 million bpd. in Saudi Arabia. Qatar, Kuwait, and the UAE have also cut loading schedules for February in line with their OPEC output targets. This, combined with unexpected compliance from Venezuela, appears to be having some success in supporting the oil price.
Still, US demand continues to weaken and the price of oil in the short and medium term will remain driven by the gloabl economy.