Update (0900ET): Well, we appear to have our answer to the most anticipated question for oil traders.

We noted earlier (below): “We see no looming change in the group’s current supply cadence, nor the required production adjustments set to take effect in 2024,” says Helima Croft at RBC Capital Markets, in a note.

“The question that market participants remain focused on is whether Saudi Arabia will sunset its unilateral 1 mb/d cut at summer’s end or roll it over for another month.”

The Saudi Press Agency is reporting:

An official source from the Ministry of Energy announced that the Kingdom of Saudi Arabia will extend the voluntary cut of one million barrels per day, which has gone into implementation in July, for another month to include the month of September that can be extended or extended and deepened.

[“Bidenomics” is gonna hit even harder and hurt worse come fall. ~ Beege]