Oil prices jump over 6% following OPEC+ production cut announcement

Описание: 산유국들 추가감산에 유가 6% 급등 "연준 금리셈법 복잡해져"

Global oil prices surged over six percent on Monday following an OPEC plus announcement about production cuts.
Analysts have hiked up their year-end price forecasts, and say rising oil prices could result in further rate hikes.
Choi Min-jung starts us off this morning.

Oil prices jumped on Monday, the day after OPEC plus nations announced surprise production cuts of more than one million barrels a day on fears of weakening demand.
International oil benchmark Brent crude jumped by more than five dollars or 6-point-3 percent to almost 85 dollars a barrel.
West Texas Intermediate crude also surged by 6-point-3 percent, to a little over 80 dollars a barrel, after rising to a two-month high during the session.

Members of OPEC plus, comprising of major oil exporting countries and Russia, shook the market with its decision to lower its production target by another 1-point-1-6 million barrels per day.
This brings the total amount of cuts by the alliance to over 3 million barrels per day, combined with the 2 million barrel cut announced last October.
Estimates show that this is around 3-point-7 percent of global demand.

In response to the cuts, analysts at Goldman Sachs raised their year-end price forecast for Brent crude by 5 dollars to 95 dollars a barrel.
It also hiked its forecast for the end of 2024 to 100 dollars a barrel.
Experts say this could eventually prompt more aggressive interest rate hikes from central banks, pushing economies closer to a recession.

Against this backdrop, the U.S. disagreed with the production cuts.

“Look, we don't think that production cuts are advisable at this moment, given the market uncertainty. And we made that clear."

However, Washington's response was milder than in October, when cuts came amid soaring gas prices as a result of Russia's invasion of Ukraine.
Choi Min-jung, Arirang News.

#OPEC #oil_production #SaudiArabia #oil_market #oil_price #유가 #석유생산 #석유시장 #오펙 #석유수출기구 #Arirang_News #아리랑뉴스

📣 Facebook :   / arirangtvnews  
📣 Twitter :   / arirangtvnews  
📣 Homepage : https://v2.arirang.com/
📣 News Center(YouTube) :    / newscenter_arirangtv  

2023-04-04, 09:00 (KST)