2023-11-28 01:52:44
Oil prices rise as Saudi Arabia pushes OPEC+ to cut production quotas
Oil prices edged higher today following consecutive losses as the market weighed the possibility of further production cuts by OPEC+ and amid signs that global supplies are shrinking. OPEC+ de facto leader Saudi Arabia has asked other members to reduce production quotas to support the market, although some members are resisting, delegates said. “Oil bears should be careful not to underestimate Saudi Arabia’s resolve,” said Vishnu Varathan, head of Asia economics and strategy at Mizuho Bank. “But it will be difficult for them to get the support of all member states.” He told traders and analysts late last week About half of respondents expect OPEC+ to take further steps to tighten the market, the survey showed.
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