This may appear to be just economics but will have significant political repercussions, imo. The timing coincides with Biden running low on US oil reserves to release and could put a double whammy on market supply.
The output cuts are being considered on the back of a slide in oil prices from multi-year highs reached in March and market volatility.
Saudi Arabia, OPEC’s de facto leader, first flagged the possibility of cuts to correct the market in August.
The Saudis are only interested in profit, the Buy-den administration is only interested in suffering. Their interests coincide.