Oil gets greaser, OPEC+ clamp record output cut – New Delhi Times

  • Date: 20-Apr-2020
  • Source: Arab Times
  • Sector:Oil & Gas
  • Country:Kuwait
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Oil gets greaser, OPEC+ clamp record output cut – New Delhi Times

Oil prices were languishing at the bottom due to Saudi Arabia and other countries uncapping their production targets.. After an initial positive reaction in oil prices, the OPEC+ decision could at best establish a floor under the market.. Oil price gains could also be capped by hedges from producers who do not expect a sustained recovery in the oil price until pent-up demand is released in Quarter 3.. Optimism over the long term impact of the OPEC+ cuts have lifted prices for future months.. The solution is to increase the oil demand and not to cut supply.. Oil may get greaser every day..