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

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.