Reports indicate that reducing "OPEC+" It will lead to a recovery in oil prices, which fell to about $90 after it was $120 three months ago, due to fears of a global economic recession, raising US interest rates and a rising dollar.
After the decision, Brent crude futures rose more than one dollar, or 1.2 percent, to $ 92.91 a barrel, and US crude futures also increased 88 cents, or 1 percent, to $ 87.40 a barrel.
In the first reply from United State on a decision "OPEC+"White House spokesman John Kirby said: "America needs to be less dependent on OPEC+ and foreign oil producers".
Earlier, UBS Group analysts considered that the "OPEC+" Reducing oil production is necessary to stop the decline in prices in light of fears of recession and a rising dollar.
She said "UBS" in a note "The absence of a move by the coalition to withdraw barrels from the market is likely to lead to further downward pressure on oil prices".
added "The coalition must announce a production cut of at least half a million barrels per day in the coming days".
In the same context, through "JP Morgan" Earlier this month he believed that "OPEC+" You may need to step in by cutting up to 1 million barrels per day "To stop falling prices and reorganize the physical and paper markets that appear to be separate".
In early September, the alliance decided "OPEC+"Reducing oil production by about 100,000 barrels per day, next October, and returning to production levels in August.
It is reported that the production of group countries "OPEC+" It did not reach its oil production goals by a difference of about 3.6 million barrels per day, last August.
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Big discounts approved by the group “OPEC+It is the largest of 2020, and came despite pressure from the United States and other consuming countries to pump more oil into a market that the West sees as already suffering from “scarce supplies”.
Reports indicate that reducingOPEC+It will lead to a recovery in oil prices, which fell to about $90, after it was $120 three months ago, due to fears of a global economic recession, raising US interest rates and a rising dollar.
After the decision, Brent crude futures rose more than one dollar, or 1.2 percent, to $ 92.91 a barrel, and US crude futures also increased 88 cents, or 1 percent, to $ 87.40 a barrel.
In the first reply from United State On the “OPEC +” decision, White House spokesman John Kirby said, “America needs to be less dependent on OPEC + and foreign oil producers.”
And earlier, UBS analysts considered that the “OPEC +” cut in oil production is necessary to stop the decline in prices in light of fears of recession and the rise of the dollar.
“The absence of a move by the coalition to withdraw barrels from the market is likely to lead to more downward pressure on oil prices,” UBS said in a note.
“The coalition must announce a production cut of at least half a million barrels per day in the coming days,” she added.
In the same context, “JP Morgan” expressed earlier this month its belief that “OPEC +” may need to intervene by reducing up to one million barrels per day “to stop the decline in prices and reorganize the physical and paper markets that appear to be separate.”
In early September, the “OPEC +” alliance decided to reduce oil production by 100,000 barrels per day, next October, and return to production levels in August.
It is noteworthy that the production of the countries of the “OPEC +” group did not reach its oil production goals, by a difference of about 3.6 million barrels per day, last August.