Saudi Arabia and other OPEC+ oil producers unexpectedly announced on Sunday (2nd) that they would cut another 1.16 million barrels of crude oil per day, hoping to support market stability. On Monday (3rd), a barrel of oil prices soared by US$5 (regarding 153 Yuan New Taiwan dollars).
According to a Archyde.com report, oil exporting countries and allies including Russia announced on the 2nd that they would cut crude oil production by 1.16 million barrels per day, setting off market shocks. The price was US$84.95, an increase of US$5.06, or 6.3%, from the previous day; US New York West Texas Intermediate crude oil also hit a new high since January, trading at US$80.47 per barrel, an increase of US$4.8, or 4.8%.
The report pointed out that OPEC+ is expected to continue to cut production as originally planned at the monthly meeting on Monday, reducing production by 2 million barrels per day until December, which will bring the total OPEC+ production reduction to 3.66 million barrels per day, equivalent to 3.7% of global demand. %.
In this regard, Goldman Sachs analysts said that in view of the sharp reduction in market positions, when the market supply tightens, oil prices may rise more sharply, as the risks brought by production cuts become asymmetric, and it is estimated that oil prices will rise by 7%, prompting OPEC+ members to increase in oil revenue.
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