The move to boost prices poses a new risk for the global economy and could raise tensions between Saudi Arabia and the United States.
| OPEC+ announced a surprise oil production cut of more than 1 million barrels a day, abandoning previous assurances that it would hold supply steady and posing a new risk for the global economy.supply was looking tight
“OPEC+ clearly want a higher price,” said Gary Ross, a veteran oil consultant turned hedge fund manager at Black Gold Investors. The group “is following through on being proactive and ahead of the curve, and is trying to rip oil prices from the grip of” macro sentiment., a regional partner whose relationship with President Joe Biden’s administration has been tense. The White House said that the new cuts were ill-advised.The initial impact of the cuts, starting next month, will add up to about 1.
Mr Biden made a controversial trip to the region last July, but came away without any commitments on production. Then in October, when OPEC+ made a surprise cut of about 2 million barrels day just weeks before the US midterm elections, Mr Biden vowed there would be “consequences” for Saudi Arabia, but the administration did not follow through.
But that may not be high enough for the group. Back in October, the last time it made a massive cut that took consumers aback, Nigerian Minister of State for Petroleum Resources Timipre Sylva said the group “wants prices around $US90.”
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