Saudi Arabia continues to push global oil prices upward, cutting production and exports to a minimum of almost 20 years. Saudi Aramco announced a sharp drop in shipments in June. Buyers will receive 10-30% less oil than ordered.
The current situation reflects that market sentiment has changed again, only now everyone has switched from the "panic sale" mode to the "panic shopping" mode. Saudis from market destroyers became market makers again, setting an example for others and sending positive signals to the market.