I am not sophisticated investor or commodities trader -- but I do not think Oil prices work that way. The problem for Saudis always has been whatever cuts to production they make were fulfilled by others who exceed the quota. There are many oil rich but cash desperate parties out there. It's much easy for Saudis to create a panic than delicately reach a target price.
May be I am wrong, but experienced commodity traders can respond and correct me.
That’s why it was so helpful to them when Biden was elected, he immediately implemented policies that futures traders felt spelled decrease in supply both short and long term, that along w the war in Ukraine made for a very successful year.
May be I am wrong, but experienced commodity traders can respond and correct me.