Home / Markets / Commodities /  OPEC production cut could lift oil prices by $10 per barrel, says analyst
Back

OPEC production cut could lift oil prices by $10 per barrel, says analyst

1 min read . Updated: 02 Apr 2023, 10:37 PM IST Reuters
FILE PHOTO: FILE PHOTO: A general view shows an oil rig used in drilling at the Zubair oilfield in Basra, Iraq, July 5, 2022. REUTERS/Essam Al-Sudani/File Photo/File Photo (REUTERS)Premium
FILE PHOTO: FILE PHOTO: A general view shows an oil rig used in drilling at the Zubair oilfield in Basra, Iraq, July 5, 2022. REUTERS/Essam Al-Sudani/File Photo/File Photo (REUTERS)

Saudi Arabia and other OPEC+ oil producers on Sunday announced voluntary cuts to their production amounting to around 1.15 million barrels per day in a surprise move they said was aimed at supporting market stability.

OPEC producers' unexpected 1.15 million barrel per day production cut could lift global oil prices by $10 per barrel, the head of investment firm Pickering Energy Partners said on Sunday.

The output reduction "will firm prices meaningfully," said Dan Pickering, co-founder of the Houston-based firm.

"We will probably get a $10 (per barrel) move in crude," Pickering said in an interview.

Saudi Arabia and other producers disclosed voluntary cuts ahead of Monday's OPEC ministerial monitoring meeting that was expected to endorse existing production levels. The OPEC group said the move was aimed at supporting market stability.

MINT PREMIUM See All

This story has been published from a wire agency feed without modifications to the text.

Know your inner investor Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Take the test
Catch all the Commodity News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
OPEN IN APP