Citi predicts limited impact of Saudi output cut on oil prices.

Saudi Arabia's pledge to deepen output cuts is unlikely to lift oil prices sustainably into the high $80s-low $90s, according to Citi analysts, who cited weaker demand, stronger non-OPEC supply, potential recessions in the US and Europe, and lower growth in China as factors that could push prices lower this year and in 2024. Other brokerages, including HSBC, UBS, and Barclays, have also weighed in on the impact of the cuts on oil prices, with varying forecasts. The main driver of oil prices remains concerns about global growth and demand, not only in China but also in the US and other key consumers.