The sudden declaration by OPEC+ to further reduce output in what top producer Saudi Arabia called a precautionary move to protect market stability sent oil prices soaring on Monday.<\/p>\n\n\n\n
Brent oil reached its highest price in a month at $86.44 earlier in the day. At 03:47 GMT, it was trading at $84.26 a barrel, up $4.37 or 5.5%.<\/p>\n\n\n\n
U.S. West Texas Intermediate oil had earlier reached its highest level since late January and was now trading at $79.90 a barrel, up $4.23 or 5.6%.<\/p>\n\n\n\n
By announcing production cutbacks of around 1.16 million barrels per day on Sunday, the Organization of the Petroleum Exporting Countries and their allies, including Russia, shocked the markets.<\/p>\n\n\n\n
The group known as OPEC+ had been expected to maintain its earlier decision to cut output by 2 million bpd until December at its monthly meeting on Monday.<\/p>\n\n\n\n
The pledges bring the total volume of cuts by OPEC+ to 3.66 million bpd according to Reuters calculations, equal to 3.7% of global demand.<\/p>\n\n\n\n
As a result, Goldman Sachs lowered its end-2023 production forecast for OPEC+ by 1.1 million bpd and raised its Brent price forecasts to $95 and $100 a barrel for 2023 and 2024, respectively, its analysts said in a note.<\/p>\n\n\n\n
Despite decreased OPEC oil supply in March owing to oilfield maintenance in Angola and a stop in part of Iraq’s shipments, Brent slid last month near $70 a barrel, the lowest in 15 months, on worries that a worldwide financial crisis and increasing interest rates would hurt demand.<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
The sudden declaration by OPEC+ to further reduce output in what top producer Saudi Arabia called a precautionary move to protect market stability sent oil prices soaring on Monday. Brent oil reached its highest price in a month at $86.44 earlier in the day. At 03:47 GMT, it was trading at $84.26 a barrel, up …<\/p>\n","protected":false},"author":9,"featured_media":82293,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,39,36],"tags":[7241,7156,10243,7685],"class_list":["post-82292","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-global-stock-markets","category-market-updates","tag-banking","tag-brent","tag-silicon-valley-bank","tag-wti-crude-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/82292","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=82292"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/82292\/revisions"}],"predecessor-version":[{"id":82294,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/82292\/revisions\/82294"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/82293"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=82292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=82292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=82292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}