Key Points
Oil prices jumped about $5 a barrel on Mondays open, jolted by a surprise announcement by OPEC+ to cut production further in an effort to support market stability..
The group known as OPEC+ had been expected to maintain its earlier decision to cut output by 2 million bpd until December at its monthly meeting on Monday.The pledges bring the total volume of cuts by OPEC+ to 3.66 million bpd according to Reuters calculations, equal to 3.7% of global demand...
As a result, Goldman Sachs lowered its end-2023 production forecast for OPEC+ by 1.1 million bpd and raised their Brent price forecasts to $95 and $100 a barrel in 2023 and 2024, respectively, its analysts said in a note..
Last month, Brent fell towards $70 a barrel, the lowest in 15 months, on concern that a global banking crisis and rising interest rates would hit demand despite lower OPEC oil output in March due to oilfield maintenance in Angola and a halt in some of Iraqs exports...
The bottom line is Washington and Riyadh simply have different price targets for their key policy initiatives.Analysts at the National Australia Bank said the OPEC+ production cuts and demand recovery from top crude importer China could drive oil prices above $100 a barrel through third quarter...
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