Oil markets are bracing for quite a roller-coaster ride. As Saudi Arabia enforces its output cuts, the global oil scene is set to experience its most significant crunch in supply since 2007.

Dive into the latest numbers from the Organization of Petroleum Exporting Countries (OPEC), and you’ll find some startling data. OPEC’s oil output in the third quarter has been trailing demand by approximately 1.8 million barrels daily. Fast forward to the fourth quarter, and this gap seems poised to yaw even wider. The outcome? Countries could find themselves depleting their oil reserves to bridge this widening deficit.

If OPEC stays true to its word and maintains current production levels, the global inventories might diminish by a whopping 3.3 million barrels per day. To give you some perspective, that’s a contraction unseen since 2007 or earlier, as per Bloomberg’s findings.

Market reactions were swift. Following the release of this OPEC data, West Texas Intermediate crude prices marked a 2% uptick, reaching $89.05 a barrel. Not to be left behind, Brent crude, the global benchmark, made strides too, hiking up by 1.7% to rest at $92.18.

Behind this anticipated squeeze is Saudi Arabia, the unofficial captain steering the OPEC ship. They’ve prolonged their production cuts, and to add to this mix, Russia is also curbing its oil exports.

OPEC might assert that such cuts are essential to keep the oil market equilibrium intact, but the figures indicate something entirely different. These reductions are dialing down on the global oil reserves. For some context, the commercial crude stocks within the Organization for Economic Cooperation and Development are now trailing their 2015-2019 average by a sizable 114 million barrels.

But why this rigorous throttling? Bloomberg speculates Saudi Arabia’s motivations might be rooted in its ambitions. The nation could be targeting the golden $100 per barrel figure, potentially to fund ambitious domestic ventures.

In essence, for investors and entrepreneurs alike, it’s high time to keep those eyes peeled on the global oil chessboard. The next move could be game-changing.