Birchcliff Energy Ltd T.BIR

Opec cuts. Monday could be interesting

[barneyj44]

DUBAI, April 2 (Reuters) - Saudi Arabia and other OPEC+ oil producers on Sunday announced further cuts in their production amounting to around 1.16 million barrels per day in a surprise move they said was aimed at supporting market stability.

The development comes a day before a virtual meeting of an OPEC+ ministerial panel, which includes Saudi Arabia and Russia, and which had been expected to stick to 2 million bpd of cuts already in place until the end of 2023.

[AboveBoard]

Why are they cutting?  Demand down...interesting.  What happens now?  Non OPEC increases production?  Then what happens?  Interesting. Oil up $5.  Will oil keep rising further?  Will the price drift down after the initial shock?  Will OPEC nations cheat on production?  Fun/sad times coming?   https://www.reuters.com/business/energy/sarabia-other

[AboveBoard]

Will the price drift down?   Oil prices have erased all their gains since the Organization of the Petroleum Exporting Countries (OPEC) and producer allies such as Russia, known collectively as OPEC+, announced in early April an additional output reduction until the end of the year. recession fears... https://www.reuters.com/business/energy/oil-prices-rise-us-crude-fuel-stock

[PlutusofCrete]

It's going to be okay.