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OPEC+ cuts put $100/barrel oil back in sight

Posted on AllSides April 3rd, 2023
From The Center

Surprise new cuts to the OPEC+ group's output targets could push oil prices towards $100 a barrel, setting the scene for another clash with the West grappling with higher interest rates, analysts and traders said.

The decision signals unity within OPEC+ despite Washington's pressure on its Gulf allies to weaken their ties with Moscow, while also undermining the West's efforts to limit Russia's oil income.

Oil prices jumped over 6% on Monday after the Organization of the Petroleum Exporting Countries and their allies including Russia announced further production target cuts of about...

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https://www.reuters.com/business/energy/opec-cuts-tighten-mideast-crude-supply-asia-europe-cut-refiners-profits-2023-04-03/

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