OPEC+ output cuts put $100 per barrel oil back in sight ...Kuwait

The New Arab - News

Surprise new cuts to the OPEC+ group's output targets could push oil prices towards $100 a barrel, setting the scene for another clash with the West grappling with higher interest rates, analysts and traders said on Monday. The decision signals unity within OPEC+ despite Washington's pressure on its Gulf allies to weaken their ties with Moscow, while also undermining the West's efforts to limit Russia's oil income. Oil prices jumped over six percent on Monday after the Organization of the Petroleum Exporting Countries and their allies including Russia announced on Sunday further production target cuts of about 1.16 million barrels per day (bpd) from May through the res

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Last updated : 04 April 2023 clock 01:56 PM

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