Oil rises after OPEC says it will keep output cuts GlobeBusiness
Oil hit multi-week highs on Monday after OPEC indicated it was likely to maintain production cuts that have helped boost prices this year, while escalating Middle East tensions provided further support.
United Arab Emirates Energy Minister Suhail al-Mazrouei earlier told reporters that producers were capable of filling any market gap and that relaxing supply cuts was not the right decision. “While not explicitly mentioned in the statement , uncertainty on how many Iranian and Venezuelan oil barrels will be lost due to U.S. sanctions was probably the main reason the group kicked the can down the road,” UBS analyst Giovanni Staunovo said.
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