OPEC analysts' forecast oil crisis
OPEC+ production cuts have upset experts' expectations and increased the degree of uncertainty on the markets. The Organization of Exporting Countries and their allies, including Russia, have announced production cuts of 1.16 million barrels per day since May. Including the reductions already decided by Russia (half a million a day), the shortfall will be 1.66 million barrels. The increase in the price of oil fuels new fears about inflation which add to the tensions created on the markets by the banking crisis. WTI oil at the Nymex rose by 6.29% to 80.43 dollars a barrel, following the coordinated production cuts of the OPEC+ countries. The best stocks on the S&P 500 are thus from the energy sector: Exxon +5.6%, Marathon Oil gains 8.7%, Conocophillips 8.3%, Hess Corp. 7.8%, Halliburton 7 %. OPEC+ production cuts could push oil prices above $100 a barrel, tighten the market and encourage refiners to diversify supplies. what analysts and traders say after the surprise move decided by the organization of producing countries. Crude oil prices are up more than 6% today.
Russian President Vladimir Putin has a telephone conversation with Saudi Crown Prince Mohammad bin Salman.This was announced by the Kremlin press service underlining that the conversation concerned cooperation within the OPEC+ organization to ensure the stability of the global oil market.Issues related to the further development of bilateral cooperation in the political, trade and energy fields, as well as cooperation within the framework of OPEC to ensure the stability of the world oil market were discussed.
