Oil prices soared almost six percent in Asian trade Monday morning after major producers led by Saudi Arabia announced a surprise cut of more than one million barrels per day. ManilaBulletin
The West Texas Intermediate contract jumped 5.74 percent to $80.01 a barrel, while Brent jumped 5.67 percent to $84.42.
Cuts by Saudi Arabia, Iraq, UAE, Kuwait, Algeria and Oman from May to the end of the year will top one million barrels per day -- the biggest reduction since the OPEC+ cartel slashed two million barrels per day in October. The cuts follow a drop in oil prices triggered by jitters over the banking sector, following the collapse of US lender SVB and UBS's hurried buy-out of troubled rival Credit Suisse, UAE-based oil expert Ibrahim al-Ghitani told AFP.
That cut, the biggest since the height of the Covid pandemic in 2020, also came despite concerns it would fuel further inflation and push central banks to hike interest rates. "OPEC is taking a pre-emptive measure in case demand reduction in the second half is possibly higher," he told AFP. "As world economies recover, we'll see more consumption. And therefore, we'd like to see supply meet demand," said Jose Fernandez, the US Undersecretary of State for Economic Affairs, Energy and the Environment, on the sidelines of the CERAWeek energy conference, in Houston, Texas, last month.
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