Moody's: the surprisingly strong momentum of Russian oil exports has led to a glut in the oil market.

[Moody's: the surprisingly strong momentum of Russian oil exports leads to a glut in the oil market.] Moody's said that the surprisingly strong momentum of Russian oil exports has led to a glut in the oil market. OPEC + then announced that it would cut production from May to rebalance the market, but that was not enough, so Saudi Arabia had taken the initiative to cut production by 1 million barrels a day in July. Excess capacity excluding Russia and Iraq currently stands at 4.1 million barrels a day, an all-time high. Once Saudi Arabia cuts production in July, that figure could rise to 5 million barrels a day.