Saudi Arabia's decision to cut oil production by 1 million barrels per day (bpd) in July, along with the other OPEC+ countries extending their cuts until the end of 2024, confirms a demand slowdown in the global market, according to Pritam Patnaik, head of commodities at Axis Securities. Although the Saudi production cut led to a rally in Brent and WTI benchmarks, traders seemed unconvinced, likely due to a slowing global economy. Patnaik expects demand to improve in H2 2021, with China's economy making a sharper recovery in the same period.