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Wednesday, March 22, 2023

Oil Surges After OPEC+ Agrees On 100Kb/d Production Cut

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OPEC+ has agreed to a 100kb/d reduction in oil output for October a delegate told Reuters.

The small cut would reverse the 100,000 barrels a day that OPEC+ said it would add to the market last month after President Biden’s trip to Saudi Arabia, the world’s largest oil exporter.

That much appears to be priced into futures markets, which remained about 2.7% higher at around the $95-level in Brent crude futures.

Bloomberg’s Javier Blas summed up the situation succinctly.

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