Oil prices have risen as Saudi Arabia proposed more voluntary supply cuts

Oil prices climbed after Saudi Arabia announced an additional million barrels per day decrease in supply.

On Sunday, the Organization of Petroleum Exporting Countries and its Partners (OPEC+) maintained planned oil output levels for the remainder of the year. Saudi Arabia, the world’s largest oil exporter, plans more voluntary output restrictions beginning in July.

According to a Saudi oil ministry statement, the kingdom’s output is anticipated to fall to 9 million barrels per day from about 10 million barrels in May.

Both benchmarks surged more than 2% in early Asia trade on Monday before falling back by mid-morning. Brent futures were last trading up 1.43% at $77.22 a barrel, while West Texas Intermediate futures were up 1.5% at $72.86 per barrel. OPEC+ produces over 40% of the world’s petroleum, therefore, production decisions have a substantial influence on pricing.

On April 3, numerous oil cartel producers reported a total of 1.66 million barrels per day of production cuts through the end of the year. Many market observers, including Goldman Sachs analysts, expected the coalition to maintain output at the same level this time.

Saudi Arabia’s choice to restrict production by 1 million barrels per day on its own, according to Bob McNally, chairman of the analytical firm Rapidan Energy, in an email to CNBC, was not widely anticipated.

In the second half of 2023, “we see significant global deficits materializing, and crude prices exceeding $100 next year,” he said.

Brent Long (Buy)
Enter At: 80.08
T.P_1: 83.31
T.P_2: 86.95
T.P_3: 89.64
TP._4: 93.08
T.P_5: 97.07
T.P_6: 100.11
T.P_7: 105.46
S.L: 69.30

Brent Oil
Brent Oil

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