OPEC+ oil cuts put $100 a barrel back in sight
- Date: 04-Apr-2023
- Source: Arab Weekly
- Sector:Oil & Gas
- Country:Saudi Arabia
OPEC+ oil cuts put $100 a barrel back in sight
SINGAPORE/SEOUL/LONDON –
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 on Monday.
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.