The group had been expected to maintain its earlier decision to cut output by 2-million bpd until December
Singapore/New Delhi
US West Texas Intermediate crude was at $79.90 a barrel, up $4.23, or 5.6% after earlier hitting the highest level since late January. at its monthly meeting on Monday. Goldman estimated the output reduction could provide a 7% boost to oil prices, contributing to higher Saudi and Opec+ oil revenues.Some analysts questioned the rationale for the extra production cut by Opec+.
“Today’s [Sunday’s] move, like the October cut, can be read as another clear signal that Saudi Arabia and its Opec partners will seek to short-circuit further macro sell-offs and that Jay [Jerome] Powell is not the only central banker that matters,” RBC Capital analyst Helima Croft said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Opec+ announces surprise output cuts from MayThe move comes ahead of Monday's ministerial meeting and is expected to push up prices
Read more »
OPEC+ announces surprise oil cuts, US calls move inadvisable - SABC NewsSaudi Arabia and other OPEC+ oil producers on Sunday announced further oil output cuts of around 1.16 million barrels per day, in a surprise move that analysts said would cause an immediate rise in prices and the United States called inadvisable.
Read more »
Oil leaps on Opec+ outputs cuts as global inflation hopes dentedThe involvement of the largest members suggest that adherence to the move may be stronger than before, analyst says
Read more »
Easter surprise awaits travellers at the borderThe recently launched Border Management Authority, by integrating most red tape requirements under a single umbrella, should ease the traveller’s passage, writes Mike Masiapato.
Read more »
Easter surprise awaits travellers at the borderThe recently launched Border Management Authority, by integrating most red tape requirements under a single umbrella, should ease the traveller’s passage, writes Mike Masiapato.
Read more »