Surging oil prices could cause demand to crumble, forcing Saudi Arabia to take its 'foot off the brake' sooner than markets expect, energy exec says

Thu, 09/28/2023 - 13:00

Khurais oilfield, Saudi Arabia oil — A gas flame is seen in the desert near the Khurais oilfield, about 160 km (99 miles) from Riyadh.
Ali Jarekji/Reuters

Crude oil prices reached an new high for the year, driven by Saudi Arabia's production cuts.
But Riyadh may soon lift the restrictions, Rapidan's Bob McNally told Bloomberg TV.
That's as excessively high prices may cause demand to collapse, he added.

The end to Saudi Arabia's oil production cuts may be closer than investors anticipate, Bob McNally, founder of the Rapidan Energy Group, told Bloomberg TV on Thursday.