When OPEC leader Saudi Arabia pledged in May to do "whatever it takes" to defend world oil prices, it didn't expect the market to be testing its resolve just one month later. As the Organization of the Petroleum Exporting Countries extended oil production cuts, oil prices fell 18 percent in just 20 days. OPEC members appear determined not to rush into deeper output curbs despite market pressure. Oil traders have chosen to ignore bullish news for prices including a long awaited decline in U.S. oil stocks on Wednesday and focused instead on negative factors such as a stubborn global glut. 

As a result, the oil market posted its worst performance in the first six months in two decades effectively signalling its refusal to accept the effectiveness of the OPEC statement and its desire for further production cuts.

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