Saudi Arabia’s “brilliant move” to unilaterally reduce oil output additionally by 1 million b/d has been a great contribution to the stabilization of the global oil market, Kirill Dmitriev, the head of the Russian sovereign wealth fund RDIF, said Jan. 27. Receive daily email alerts, subscriber notes & personalize your experience. Register Now Starting Feb. 1, Saudi Arabia is expected to severely lower its crude production to 8.119 million b/d instead of its OPEC+ quota of 9.119 million b/d. The pre-emptive cut was announced by energy minister Prince Abdulaziz bin Salman after the latest OPEC+ meeting on Jan. 4 in order to bring down oil inventories accumulated during the pandemic. “The surprise cut that they have done recently is a really brilliant move that led to stabilization of the market joined by other OPEC members at the most critical time,” Dmitriev, who has been leading Russia’s diplomacy […]