Saudi Arabia takes control over oil supplies — Reuters

Saudi Arabia declared the intension to secure its foothood as the world’s largest oil manufacturer. The announcement followed the statements of the Energy Minister — Prince Abdulaziz bin Salman. Earlier, he expressed dissatisfaction with the policy of some OPEC+ members, which violates the pre-established limits of fuel production.

Before that, the Organization of the Petroleum Exporting Countries decided to expand the crude production by 411 000 barrels per day by June. Such a decision means that from the end of next month, OPEC+ will add 960 000 barrels per day to the world oil market supplies, which previously had no problems with procurement. 

In addition, the cartel's recent decision to cut the price of benchmark Brent crude oil to below $60 a barrel has sparked speculation in the energy market.

Saudi Arabia's fuel production costs are now among the lowest in the world, Reuters said. However, to strengthen the state budget, the price of a barrel of oil must exceed $90. This is the forecast provided by the International Monetary Fund for 2025.