The outlook for oil prices is under renewed pressure following signals from Saudi Arabia that it is preparing for a long period of low returns and expectations that Iran will further flood the market when sanctions are lifted.
Analysts said plans announced by Saudi Arabia late on Monday to reduce a budget deficit of nearly $98bn through spending cuts, reforms to energy subsidies and a privatisation drive were a signal that Riyadh intends to stick with its policy of not cutting output.
It showed that Opec’s de facto leader is prepared to accept cheap crude prices as it seeks to put pressure on higher cost rivals such as US shale producers and waits for the market to rebalance.
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