Page 33 - Pec News Today

Oil prices soared on Monday following a surprise production cut announcement from OPEC+, and worrying economic data from China did little to bring them down.

Oil prices surged on Monday and US officials voiced their displeasure a day after OPEC members announced substantial cuts in production, a move that reaffirmed Saudi Arabia, the group’s leader, as a headstrong giant in the oil market. Traders bid up crude prices after the news of cuts totaling more than 1.1 million barrels a day, or 1 per cent of global production, beginning

It’s not going to be as bad as you think, president tells reporters.

The OPEC+ countries including Saudi Arabia, Iraq and Russia, on Sunday said they will slash output by 1 million barrels a day, accounting for about 3.7 per cent of global demand.

OPECs cut in production has undermined US-led attempts to cap the export price of Russian oil. Mohammed Alhamed and professor Mark Frost said the US should back off and let market forces rule.

The Oil prices have surged and surpassed USD 85 per barrel after several oil producer countries announced surprise cuts in production, TASS Agency reported.

The breach of the crucial $65 per barrel support level and the near record high short sellers in the oil market may have also prompted the cartel to surprise the market.  

Just hours after OPEC+ shocked markets with an announcement that it would cut oil production further, Goldman Sachs boosted its oil price forecast for 2023 by $5.

Oil prices soared more than 5% after Saudi Arabia and other major oil producers said they will cut production by 1.15 million barrels per day from May unti..

OPEC+, the collective of oil producers led by Saudi Arabia, announced a cut of more than one million barrels per day from May until the end of the year. While the group said the move was aimed at maintaining stability in the market, many experts believe it is a sign of Riyadh’s independence from Washington