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Great discounts approved by the group "OPEC +" It is the largest of 2020 and has come despite pressure from the United States and other consuming countries to pump more oil into a market the West already sees suffering. "scarce supplies".
Reports indicate that the reduction "OPEC +" It will lead to a recovery in oil prices, which fell to around $ 90 from $ 120 three months ago, due to fears of a global economic recession, rising US interest rates and rising dollar.
Following the decision, Brent crude futures rose more than a dollar, or 1.2 percent, to $ 92.91 a barrel, and U.S. crude futures also rose 88 cents, or 1 percent, to $ 87.40 per barrel.
In the first answer of been united on a decision "OPEC +"White House spokesman John Kirby said: "America must be less dependent on OPEC + and foreign oil producers".
Previously, UBS Group analysts believed that the "OPEC +" The reduction in oil production is necessary to stop the decline in prices in light of recession fears and a rising dollar.
She said "UBS" in a note "The absence of a coalition move to withdraw barrels from the market risks leading to further downward pressure on oil prices".
added "The coalition must announce a production cut of at least half a million barrels per day in the coming days".
In the same context, through "JP Morgan" Earlier this month he believed it "OPEC +" It may be necessary to intervene by cutting up to 1 million barrels per day "To stop the fall in prices and reorganize the physical and paper markets that seem separate".
In early September, the alliance made a decision "OPEC +"Reduce oil production by around 100,000 barrels per day next October and return to production levels in August.
It is reported that the production of the group countries "OPEC +" Last August it did not meet its oil production targets with a difference of about 3.6 million barrels per day.
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Big discounts approved by the group “OPEC +It is the largest of 2020 and has come despite pressure from the United States and other consuming countries to pump more oil into a market the West already sees suffering from “scarce supplies.”
Reports indicate that the reductionOPEC +It will lead to a recovery in oil prices, down to about $ 90, from $ 120 three months ago, due to fears of a global economic recession, rising US interest rates and rising dollar.
After the decision, Brent crude futures rose more than $ 1, or 1.2 percent, to $ 92.91 a barrel, and U.S. crude futures also rose 88 cents, or 1 percent, to $ 87.40 per barrel.
In the first answer of been united On the “OPEC +” decision, White House spokesman John Kirby said: “America must be less dependent on OPEC + and foreign oil producers.”
And earlier, UBS analysts believed that the “OPEC +” cut in oil production was necessary to halt the decline in prices in light of recession fears and a rising dollar.
“The absence of a move by the coalition to withdraw the barrels from the market could lead to greater downward pressure on oil prices,” UBS said in a statement.
“The coalition must announce a production cut of at least half a million barrels per day in the next few days,” he added.
In the same context, “JP Morgan” expressed earlier this month the belief that “OPEC +” may have to intervene by reducing up to one million barrels per day “to stop the fall in prices and reorganize the physical and paper markets that they seem to be separate “.
At the beginning of September the “OPEC +” alliance decided to reduce oil production by 100,000 barrels per day, next October, and to return to production levels in August.
It is interesting to note that the production of the countries of the “OPEC +” group did not reach its oil production targets, with a difference of about 3.6 million barrels per day, last August.
