OPEC+ Announces Surprise Oil Output Cuts - To The Moon

Latest News

2023-04-04

How OPEC+ Production Cuts Influenced Crude Oil Prices in the Past Three Years?

How OPEC+ Production Cuts Influenced Crude Oil Prices in the Past Three Years?

2023-04-05

Here’s What Is Really Behind OPEC+ Oil-Production Cuts, Say Energy Analysts

Here’s What Is Really Behind OPEC+ Oil-Production Cuts, Say Energy Analysts

2023-04-04

What the OPEC Output Cut Means for the Fed’s Next Rate Hike Decision

What the OPEC Output Cut Means for the Fed’s Next Rate Hike Decision

User Discussion

2023-04-04

Why OPEC+ reduce output at this time?[Weak]

Oil Stocks Took off in Morning Trading; Marathon Gained Over 9% While Murphy Jumped Over 7%

2023-04-04

The hike in oil price will likely yo hit companies. I forsee that share markets will hit hard. Prepare to offload?

What the OPEC Output Cut Means for the Fed’s Next Rate Hike Decision

2023-04-04

Ok

How OPEC+ Production Cuts Influenced Crude Oil Prices in the Past Three Years?

2023-04-04

Noted

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2023-04-04

Ok

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2023-04-04

Like

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2023-04-04

[Cry]

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2023-04-04

Ok

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2023-04-04

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2023-04-04

👌🏼🙏🏼

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2023-04-04

Ok

Soaring Oil Prices: 6 Things Investors Need to Know About the Surprise OPEC+ Production Cuts

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Marathon Gained Over 9% While Murphy Jumped Over 7%","url":"https://stock-news.laohu8.com/highlight/detail?id=1184538018","media":"Tiger Newspress","summary":"Oil stocks took off in morning trading;  Marathon gained over 9% while  Murphy jumped over 7%.OPEC+,","content":"<html><head></head><body><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0028f4ba276c93cede5958eb0f1bb3a4\" tg-width=\"265\" tg-height=\"306\"/></p><p>Oil stocks took off in morning trading;  <a href=\"https://laohu8.com/S/MRO\">Marathon</a> gained over 9% while  <a href=\"https://laohu8.com/S/MUR\">Murphy</a> jumped over 7%.</p><p>OPEC+, led by Saudi Arabia, said it was voluntarily planning on reducing output. The latest production cut, announced Sunday, came on top of the cuts announced last October.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Oil Stocks Took off in Morning Trading; Marathon Gained Over 9% While Murphy Jumped Over 7%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOil Stocks Took off in Morning Trading; Marathon Gained Over 9% While Murphy Jumped Over 7%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2023-04-03 21:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0028f4ba276c93cede5958eb0f1bb3a4\" tg-width=\"265\" tg-height=\"306\"/></p><p>Oil stocks took off in morning trading;  <a href=\"https://laohu8.com/S/MRO\">Marathon</a> gained over 9% while  <a href=\"https://laohu8.com/S/MUR\">Murphy</a> jumped over 7%.</p><p>OPEC+, led by Saudi Arabia, said it was voluntarily planning on reducing output. The latest production cut, announced Sunday, came on top of the cuts announced last October.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MUR":"墨菲石油","MRO":"马拉松石油"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184538018","content_text":"Oil stocks took off in morning trading;  Marathon gained over 9% while  Murphy jumped over 7%.OPEC+, led by Saudi Arabia, said it was voluntarily planning on reducing output. The latest production cut, announced Sunday, came on top of the cuts announced last October.","news_type":1},"isVote":1,"tweetType":1,"viewCount":106,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9948948469,"gmtCreate":1680620271951,"gmtModify":1680620275537,"author":{"id":"4098844373599920","authorId":"4098844373599920","name":"ShareShare","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4098844373599920","authorIdStr":"4098844373599920"},"themes":[],"htmlText":"The hike in oil price will likely yo hit companies. I forsee that share markets will hit hard. Prepare to offload?","listText":"The hike in oil price will likely yo hit companies. I forsee that share markets will hit hard. Prepare to offload?","text":"The hike in oil price will likely yo hit companies. I forsee that share markets will hit hard. Prepare to offload?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9948948469","repostId":"1115816319","repostType":2,"repost":{"id":"1115816319","pubTimestamp":1680596865,"share":"https://ttm.financial/m/news/1115816319?lang=&edition=fundamental","pubTime":"2023-04-04 16:27","market":"fut","language":"en","title":"What the OPEC Output Cut Means for the Fed’s Next Rate Hike Decision","url":"https://stock-news.laohu8.com/highlight/detail?id=1115816319","media":"InvestorPlace","summary":"Several members of OPEC+ revealed plans to cut their daily output by 1.16 million barrels per day.Th","content":"<html><head></head><body><ul><li><p>Several members of OPEC+ revealed plans to cut their daily output by 1.16 million barrels per day.</p></li><li><p>The decision comes as a result of internal discussions between Saudi Arabia, Kuwait, the United Arab Emirates (UAE) and others.</p></li><li><p>The notion of oil production cuts is something of an alarm to global economists concerned with already-elevated inflation levels, let alone the Federal Reserve.</p></li></ul><p>On Sunday, eight OPEC+ members including Saudi Arabia, Kuwait and the United Arab Emirates (UAE), announced plans to voluntarily reduce global oil output by about 1.16 million barrels per day until year-end. What does this mean for the Federal Reserve’s inflation-reduction efforts going forward?</p><p style=\"text-align: start;\">Well, at least domestically, the move will likely amplify supply-related gas inflation. Indeed, in the past year, falling gas prices have largely led the charge in terms of deflation. As a result of tapping into the Strategic Petroleum Reserve (SPR), U.S. fuel costs have fallen from over $5 per gallon in June 2022 to roughly $3.50 per gallon now. Further supply disruptions will likely reapply pressure on the industry, pushing prices back up.</p><p style=\"text-align: start;\">In the past, President Joe Biden has repeatedly criticized energy companies for prioritizing profit margins over the needs of drivers and the economy. Today’s news seemingly reaffirms this sentiment.</p><p style=\"text-align: start;\">With OPEC+’s recent initiative — on top of Russia’s previous plans to cut 500,000 barrels per day — global oil production will likely fall by more than 1.6 million barrels per day. This has fueled rumors of collusion between OPEC+ members and sanction-ridden Russia.</p><p style=\"text-align: start;\">“We don’t think cuts are advisable at this moment, given market uncertainty — and we’ve made that clear,” said a spokesperson for the U.S. National Security Council, per <em>Reuters</em>.</p><h2 style=\"text-align: start;\">OPEC Output Cut Adds Hawkish Pressure to Next Fed Rate Hike Decision</h2><p style=\"text-align: start;\">The Fed has long viewed 2% inflation as the ultimate goal of the U.S. economy. Indeed, after nine rate hikes this cycle, paired with an increasingly aggressive quantitative tightening process, the Fed has managed to lower prices to the current level of roughly 6%. Despite mounting evidence suggesting an impending end to the Fed’s rate hikes, though, today’s news only strengthens the case for continued hawkish policy from the central bank.</p><p style=\"text-align: start;\">According to OPEC+, the group’s recent decision is a “precautionary measure aimed at supporting the stability of the oil market.”</p><p style=\"text-align: start;\">Analysts are already ringing the alarm bell that Brent barrels may climb past $100 from the current price of roughly $84 per barrel. According to Victor Ponsford of Rystad Energy, the resulting impact on the economy could be quite significant:</p><blockquote><em>“The anticipated increase in oil prices for the rest of the year as a result of these voluntary cuts could fuel global inflation, prompting a more hawkish stance on interest rate hikes from central banks across the world. That would, however, lower economic growth and reduce oil demand expansion.”</em></blockquote><p style=\"text-align: start;\">In fact, much of the deflation enjoyed in the U.S. thus far has been a partial result of oil supply relief a la the SPR. This reversal will only put upward pressure on gas prices — and overall price levels. The Fed will probably face additional scrutiny in its upcoming May rate hike decision as well.</p></body></html>","source":"investorplace","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What the OPEC Output Cut Means for the Fed’s Next Rate Hike Decision</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat the OPEC Output Cut Means for the Fed’s Next Rate Hike Decision\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-04-04 16:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2023/04/what-the-opec-output-cut-means-for-the-feds-next-rate-hike-decision/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Several members of OPEC+ revealed plans to cut their daily output by 1.16 million barrels per day.The decision comes as a result of internal discussions between Saudi Arabia, Kuwait, the United Arab ...</p>\n\n<a href=\"https://investorplace.com/2023/04/what-the-opec-output-cut-means-for-the-feds-next-rate-hike-decision/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://investorplace.com/2023/04/what-the-opec-output-cut-means-for-the-feds-next-rate-hike-decision/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115816319","content_text":"Several members of OPEC+ revealed plans to cut their daily output by 1.16 million barrels per day.The decision comes as a result of internal discussions between Saudi Arabia, Kuwait, the United Arab Emirates (UAE) and others.The notion of oil production cuts is something of an alarm to global economists concerned with already-elevated inflation levels, let alone the Federal Reserve.On Sunday, eight OPEC+ members including Saudi Arabia, Kuwait and the United Arab Emirates (UAE), announced plans to voluntarily reduce global oil output by about 1.16 million barrels per day until year-end. What does this mean for the Federal Reserve’s inflation-reduction efforts going forward?Well, at least domestically, the move will likely amplify supply-related gas inflation. Indeed, in the past year, falling gas prices have largely led the charge in terms of deflation. As a result of tapping into the Strategic Petroleum Reserve (SPR), U.S. fuel costs have fallen from over $5 per gallon in June 2022 to roughly $3.50 per gallon now. Further supply disruptions will likely reapply pressure on the industry, pushing prices back up.In the past, President Joe Biden has repeatedly criticized energy companies for prioritizing profit margins over the needs of drivers and the economy. Today’s news seemingly reaffirms this sentiment.With OPEC+’s recent initiative — on top of Russia’s previous plans to cut 500,000 barrels per day — global oil production will likely fall by more than 1.6 million barrels per day. This has fueled rumors of collusion between OPEC+ members and sanction-ridden Russia.“We don’t think cuts are advisable at this moment, given market uncertainty — and we’ve made that clear,” said a spokesperson for the U.S. National Security Council, per Reuters.OPEC Output Cut Adds Hawkish Pressure to Next Fed Rate Hike DecisionThe Fed has long viewed 2% inflation as the ultimate goal of the U.S. economy. Indeed, after nine rate hikes this cycle, paired with an increasingly aggressive quantitative tightening process, the Fed has managed to lower prices to the current level of roughly 6%. Despite mounting evidence suggesting an impending end to the Fed’s rate hikes, though, today’s news only strengthens the case for continued hawkish policy from the central bank.According to OPEC+, the group’s recent decision is a “precautionary measure aimed at supporting the stability of the oil market.”Analysts are already ringing the alarm bell that Brent barrels may climb past $100 from the current price of roughly $84 per barrel. According to Victor Ponsford of Rystad Energy, the resulting impact on the economy could be quite significant:“The anticipated increase in oil prices for the rest of the year as a result of these voluntary cuts could fuel global inflation, prompting a more hawkish stance on interest rate hikes from central banks across the world. That would, however, lower economic growth and reduce oil demand expansion.”In fact, much of the deflation enjoyed in the U.S. thus far has been a partial result of oil supply relief a la the SPR. This reversal will only put upward pressure on gas prices — and overall price levels. The Fed will probably face additional scrutiny in its upcoming May rate hike decision as well.","news_type":1},"isVote":1,"tweetType":1,"viewCount":221,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9948085943,"gmtCreate":1680609761882,"gmtModify":1680609765239,"author":{"id":"3582085254286979","authorId":"3582085254286979","name":"Celia24","avatar":"https://community-static.tradeup.com/news/5c5b89756c8943408caeaab45fc6139b","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3582085254286979","authorIdStr":"3582085254286979"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9948085943","repostId":"1176970120","repostType":2,"repost":{"id":"1176970120","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1680621901,"share":"https://ttm.financial/m/news/1176970120?lang=&edition=fundamental","pubTime":"2023-04-04 23:25","market":"us","language":"en","title":"How OPEC+ Production Cuts Influenced Crude Oil Prices in the Past Three Years?","url":"https://stock-news.laohu8.com/highlight/detail?id=1176970120","media":"Tiger Newspress","summary":"Oil surged at the week’s open after OPEC+ unexpectedly announced crude output cuts on Sunday, with S","content":"<html><head></head><body><p>Oil surged at the week’s open after OPEC+ unexpectedly announced crude output cuts on Sunday, with Saudi Arabia leading the way with 500,000 barrels a day of reductions from May. </p><p>West Texas Intermediate rose above $80 a barrel, extending two weeks of gains as expectations of a tighter market added to easing concerns over a global banking crisis. Historical data in the past three years suggested that crude prices mostly went up after OPEC cuts. April 2020 was an exception under COVID hit.</p><p style=\"text-align: start;\">Goldman Sachs says crude oil production cuts by OPEC could result in a significantly larger deficit in the market, driving a rally in prices to $100 per barrel by April 2024, and raising the group&#39;s pricing power.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/11fd6547748455bd77952de4d7690fb1\" tg-width=\"1356\" tg-height=\"1065\"/></p><p>Aside from a reduction from Saudi Arabia and other Middle Eastern countries, Russia also said it would keep production at a reduced level. News of the cuts overshadowed relief from an agreement between Iraq’s semi-autonomous Kurdistan region and the federal government to resume oil exports through Turkey this week.</p><p>Goldman said it sees &#34;elevated OPEC pricing power - the ability to raise prices without significantly hurting its demand - as the key economic driver&#34;, and estimates that the production cut will raise OPEC+ revenues as the boost to prices more than offsets the drop in volumes.</p><p>Goldman also said it expects a nearly 90% implementation rate for the 1.66 million bpd production cut plan, reasoning that countries that announced an additional cut have a strong compliance track record, and had implemented nearly 90% of the October 2022 cut by January 2023.</p><p>The bank further reiterated its view that the market will return to sustained deficits from June onward given rapid emerging market growth, falling Russia supply, and sluggish U.S. supply.</p><p>The OPEC+ decision took the financial market by surprise.</p><p>&#34;If fully delivered, the announced cut would further tighten an already fundamentally tight oil market, driving the Brent benchmark towards $100 per barrel sooner than previously expected, and would push the price to around $110 per barrel this summer,&#34; said Jorge Leon, senior vice president at Rystad Energy。</p><p>Crude is entering April after capping its worst first-quarter drop since 2020, when the pandemic pummeled demand. Futures whipsawed as traders weighed near-term risks from a banking crisis to strikes in France, although there is longer-term optimism over China’s rebound underpinning higher prices over the rest of the year.</p><p>The production cuts will take effect in May, which is &#34;right ahead of Memorial Day and the start of U.S. driving season,&#34; said Stacey Morris, head of energy research with VettaFi.</p><p>Given that, &#34;it could be another summer with painful prices at the [gasoline] pump,&#34; she said.</p><p>Still, some traders may interpret the OPEC+ cut as a sign of weaker than expected demand for physical markets, given that OPEC+ possesses “some of the best information available in regards to the global physical oil markets,” said Rob Thummel, portfolio manager at Tortoise.</p><p style=\"text-align: start;\">However, “ we still expect global oil demand to accelerate throughout 2023, reaching a record high in the second half the year,” he said.</p><p style=\"text-align: start;\">Global oil inventories are below normal and will likely “remain below normal as higher demand and less supply deplete inventories throughout the year,” Thummel said, noting that Tortoise expects oil prices to be range bound between $85 and $95 for the year.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How OPEC+ Production Cuts Influenced Crude Oil Prices in the Past Three Years?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow OPEC+ Production Cuts Influenced Crude Oil Prices in the Past Three Years?\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2023-04-04 23:25</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Oil surged at the week’s open after OPEC+ unexpectedly announced crude output cuts on Sunday, with Saudi Arabia leading the way with 500,000 barrels a day of reductions from May. </p><p>West Texas Intermediate rose above $80 a barrel, extending two weeks of gains as expectations of a tighter market added to easing concerns over a global banking crisis. Historical data in the past three years suggested that crude prices mostly went up after OPEC cuts. April 2020 was an exception under COVID hit.</p><p style=\"text-align: start;\">Goldman Sachs says crude oil production cuts by OPEC could result in a significantly larger deficit in the market, driving a rally in prices to $100 per barrel by April 2024, and raising the group&#39;s pricing power.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/11fd6547748455bd77952de4d7690fb1\" tg-width=\"1356\" tg-height=\"1065\"/></p><p>Aside from a reduction from Saudi Arabia and other Middle Eastern countries, Russia also said it would keep production at a reduced level. News of the cuts overshadowed relief from an agreement between Iraq’s semi-autonomous Kurdistan region and the federal government to resume oil exports through Turkey this week.</p><p>Goldman said it sees &#34;elevated OPEC pricing power - the ability to raise prices without significantly hurting its demand - as the key economic driver&#34;, and estimates that the production cut will raise OPEC+ revenues as the boost to prices more than offsets the drop in volumes.</p><p>Goldman also said it expects a nearly 90% implementation rate for the 1.66 million bpd production cut plan, reasoning that countries that announced an additional cut have a strong compliance track record, and had implemented nearly 90% of the October 2022 cut by January 2023.</p><p>The bank further reiterated its view that the market will return to sustained deficits from June onward given rapid emerging market growth, falling Russia supply, and sluggish U.S. supply.</p><p>The OPEC+ decision took the financial market by surprise.</p><p>&#34;If fully delivered, the announced cut would further tighten an already fundamentally tight oil market, driving the Brent benchmark towards $100 per barrel sooner than previously expected, and would push the price to around $110 per barrel this summer,&#34; said Jorge Leon, senior vice president at Rystad Energy。</p><p>Crude is entering April after capping its worst first-quarter drop since 2020, when the pandemic pummeled demand. Futures whipsawed as traders weighed near-term risks from a banking crisis to strikes in France, although there is longer-term optimism over China’s rebound underpinning higher prices over the rest of the year.</p><p>The production cuts will take effect in May, which is &#34;right ahead of Memorial Day and the start of U.S. driving season,&#34; said Stacey Morris, head of energy research with VettaFi.</p><p>Given that, &#34;it could be another summer with painful prices at the [gasoline] pump,&#34; she said.</p><p>Still, some traders may interpret the OPEC+ cut as a sign of weaker than expected demand for physical markets, given that OPEC+ possesses “some of the best information available in regards to the global physical oil markets,” said Rob Thummel, portfolio manager at Tortoise.</p><p style=\"text-align: start;\">However, “ we still expect global oil demand to accelerate throughout 2023, reaching a record high in the second half the year,” he said.</p><p style=\"text-align: start;\">Global oil inventories are below normal and will likely “remain below normal as higher demand and less supply deplete inventories throughout the year,” Thummel said, noting that Tortoise expects oil prices to be range bound between $85 and $95 for the year.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176970120","content_text":"Oil surged at the week’s open after OPEC+ unexpectedly announced crude output cuts on Sunday, with Saudi Arabia leading the way with 500,000 barrels a day of reductions from May. West Texas Intermediate rose above $80 a barrel, extending two weeks of gains as expectations of a tighter market added to easing concerns over a global banking crisis. Historical data in the past three years suggested that crude prices mostly went up after OPEC cuts. April 2020 was an exception under COVID hit.Goldman Sachs says crude oil production cuts by OPEC could result in a significantly larger deficit in the market, driving a rally in prices to $100 per barrel by April 2024, and raising the group's pricing power.Aside from a reduction from Saudi Arabia and other Middle Eastern countries, Russia also said it would keep production at a reduced level. News of the cuts overshadowed relief from an agreement between Iraq’s semi-autonomous Kurdistan region and the federal government to resume oil exports through Turkey this week.Goldman said it sees \"elevated OPEC pricing power - the ability to raise prices without significantly hurting its demand - as the key economic driver\", and estimates that the production cut will raise OPEC+ revenues as the boost to prices more than offsets the drop in volumes.Goldman also said it expects a nearly 90% implementation rate for the 1.66 million bpd production cut plan, reasoning that countries that announced an additional cut have a strong compliance track record, and had implemented nearly 90% of the October 2022 cut by January 2023.The bank further reiterated its view that the market will return to sustained deficits from June onward given rapid emerging market growth, falling Russia supply, and sluggish U.S. supply.The OPEC+ decision took the financial market by surprise.\"If fully delivered, the announced cut would further tighten an already fundamentally tight oil market, driving the Brent benchmark towards $100 per barrel sooner than previously expected, and would push the price to around $110 per barrel this summer,\" said Jorge Leon, senior vice president at Rystad Energy。Crude is entering April after capping its worst first-quarter drop since 2020, when the pandemic pummeled demand. Futures whipsawed as traders weighed near-term risks from a banking crisis to strikes in France, although there is longer-term optimism over China’s rebound underpinning higher prices over the rest of the year.The production cuts will take effect in May, which is \"right ahead of Memorial Day and the start of U.S. driving season,\" said Stacey Morris, head of energy research with VettaFi.Given that, \"it could be another summer with painful prices at the [gasoline] pump,\" she said.Still, some traders may interpret the OPEC+ cut as a sign of weaker than expected demand for physical markets, given that OPEC+ possesses “some of the best information available in regards to the global physical oil markets,” said Rob Thummel, portfolio manager at Tortoise.However, “ we still expect global oil demand to accelerate throughout 2023, reaching a record high in the second half the year,” he said.Global oil inventories are below normal and will likely “remain below normal as higher demand and less supply deplete inventories throughout the year,” Thummel said, noting that Tortoise expects oil prices to be range bound between $85 and $95 for the year.","news_type":1},"isVote":1,"tweetType":1,"viewCount":91,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9948097828,"gmtCreate":1680608221364,"gmtModify":1680608224991,"author":{"id":"3565580415318008","authorId":"3565580415318008","name":"patricklowck","avatar":"https://static.tigerbbs.com/fc04396a7aff08c74904d7b520596366","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3565580415318008","authorIdStr":"3565580415318008"},"themes":[],"htmlText":"Noted","listText":"Noted","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9948097828","repostId":"1176970120","repostType":2,"isVote":1,"tweetType":1,"viewCount":276,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9941779258,"gmtCreate":1680605214474,"gmtModify":1680605216378,"author":{"id":"4096589756885460","authorId":"4096589756885460","name":"BlitzBison","avatar":"https://community-static.tradeup.com/news/2c711017cde68be46bd029006fcefb6c","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096589756885460","authorIdStr":"4096589756885460"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9941779258","repostId":"1115816319","repostType":4,"isVote":1,"tweetType":1,"viewCount":184,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9941765991,"gmtCreate":1680599816413,"gmtModify":1680599819836,"author":{"id":"3578451349447391","authorId":"3578451349447391","name":"henghm","avatar":"https://static.tigerbbs.com/ca41bf4eae57d98d93422d97c7246c98","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578451349447391","authorIdStr":"3578451349447391"},"themes":[],"htmlText":"Like&nbsp;","listText":"Like&nbsp;","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9941765991","repostId":"1115816319","repostType":4,"isVote":1,"tweetType":1,"viewCount":207,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9941789539,"gmtCreate":1680597230822,"gmtModify":1680597285109,"author":{"id":"4095561872560400","authorId":"4095561872560400","name":"Dogtown","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4095561872560400","authorIdStr":"4095561872560400"},"themes":[],"htmlText":"[Cry]&nbsp;","listText":"[Cry]&nbsp;","text":"[Cry]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9941789539","repostId":"1115816319","repostType":2,"isVote":1,"tweetType":1,"viewCount":197,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9941798630,"gmtCreate":1680590996921,"gmtModify":1680591000424,"author":{"id":"4087878176230390","authorId":"4087878176230390","name":"Tangan","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087878176230390","authorIdStr":"4087878176230390"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9941798630","repostId":"2324816815","repostType":4,"isVote":1,"tweetType":1,"viewCount":198,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9941474341,"gmtCreate":1680583518884,"gmtModify":1680583522527,"author":{"id":"4087878176230390","authorId":"4087878176230390","name":"Tangan","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087878176230390","authorIdStr":"4087878176230390"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9941474341","repostId":"2324816815","repostType":4,"isVote":1,"tweetType":1,"viewCount":313,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9941445665,"gmtCreate":1680574881857,"gmtModify":1680574885814,"author":{"id":"4115290449563752","authorId":"4115290449563752","name":"Longs","avatar":"https://community-static.tradeup.com/news/824b5073731ab909a8d4e129caa8d995","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4115290449563752","authorIdStr":"4115290449563752"},"themes":[],"htmlText":"👌🏼🙏🏼","listText":"👌🏼🙏🏼","text":"👌🏼🙏🏼","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9941445665","repostId":"2324816815","repostType":2,"isVote":1,"tweetType":1,"viewCount":163,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9941456368,"gmtCreate":1680565952754,"gmtModify":1680565955345,"author":{"id":"3569644599778803","authorId":"3569644599778803","name":"Prosperity88","avatar":"https://static.tigerbbs.com/673e75041219828ee5fce0d5b00ebbfe","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3569644599778803","authorIdStr":"3569644599778803"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":13,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9941456368","repostId":"2324816815","repostType":2,"repost":{"id":"2324816815","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1680559140,"share":"https://ttm.financial/m/news/2324816815?lang=&edition=fundamental","pubTime":"2023-04-04 05:59","market":"us","language":"en","title":"Soaring Oil Prices: 6 Things Investors Need to Know About the Surprise OPEC+ Production Cuts","url":"https://stock-news.laohu8.com/highlight/detail?id=2324816815","media":"Dow Jones","summary":"The Organization of the Petroleum Exporting Countries and its allies said they decided Sunday to cut","content":"<html><head></head><body><p>The Organization of the Petroleum Exporting Countries and its allies said they decided Sunday to cut production in an effort to support oil-market stability, but that offers little comfort to consumers worried about inflation and an expected spike in fuel demand during the coming summer driving season.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/870a3726d836193bf3680cd844b61d72\" alt=\"MARKETWATCH PHOTO ILLUSTRATION/ISTOCKPHOTO\" title=\"MARKETWATCH PHOTO ILLUSTRATION/ISTOCKPHOTO\" tg-width=\"700\" tg-height=\"487\"/><span>MARKETWATCH PHOTO ILLUSTRATION/ISTOCKPHOTO</span></p><p>The surprise output reduction by the group known as OPEC+ starting in May also comes at a particularly vulnerable time for the U.S., which may not be able to quickly increase its own production.</p><p>&#34;The nature and timing of the decision are shocking, since prices have been only moderate pressured from the banking mini-crisis and the market is expected to tighten later this year,&#34; said Michael Lynch, president of Strategic Energy &amp; Economic Research.</p><p>&#34;OPEC+, and especially the Saudis, seem to be signaling a strong desire to punish short sellers and pre-empt possible demand weakness,&#34; he told MarketWatch. Also, &#34;the impact on inflation...could mean an anemic summer driving season.&#34;</p><h2>What happened?</h2><p>OPEC and its allies, a group known as OPEC+, announced voluntary production &#34;adjustments&#34; on Sunday that will take effect starting in May and run through to the end of the year.</p><p>The move was unusual, as there was no indication that any change to production would be made and OPEC+ ministers weren&#39;t scheduled to officially hold an output decision-making meeting until June 4.</p><p>The OPEC+ Joint Ministerial Monitoring Committee, however, did hold a meeting on Monday, as it does every two months. The committee has no ability to make decisions on production, but has the authority to request an OPEC and non-OPEC ministerial meeting at any time to address market developments.</p><p>The JMMC had been expected to discuss a number of oil-market issues, and confirm that previously announced cuts of 2 million barrels a day would remain in effect. The committee on Monday indeed reaffirmed its commitment to that previous agreement, but also pointed out Sunday&#39;s announcement.</p><p>&#34;Unlike cuts in the past that were more &#39;paper cuts&#39; to quotas with many countries already producing below quota, these are real voluntary cuts from countries producing at or above quotas,&#34; said Rebecca Babin, senior energy trader at CIBC Private Wealth U.S., in emailed commentary. That means this will be &#34;far more impactful than the 2 million barrels cut&#34; announced in October 2022.</p><p>Saudi Arabia will take on the biggest reduction, cutting oil output by 500,000 barrels a day. Other barrel-per-day cuts include Iraq with 211,000, United Arab Emirates 144,000, Kuwait 128,000, Kazakhstan 78,000, Algeria 48,000, Oman 40,000 and Gabon 8,000. Those total 1.157 million barrels a day.</p><p>The cuts, however, are in addition to the previous OPEC+ production cuts of 2 million barrels a day, as well as the extension of Russia&#39;s reduction of 500,000 barrels a day in retaliation to western oil-price caps and sanctions. That brings the total output reductions to 3.657 million barrels a day.</p><h2>What prompted the cut?</h2><p>Saudi Arabia&#39;s Ministry of Energy on Sunday, as well as the JMMC in a statement Monday, said that the cuts are a &#34;precautionary measure aimed at supporting the stability of the oil market.&#34;</p><p>Some news reports and analysts have speculated that Saudi Arabia, a member of OPEC and among the world&#39;s top oil producers, and other major oil producers made the surprise move to cut output because of recent comments made by U.S. Energy Secretary Jennifer Granholm.</p><p>On March 23, Granholm said that it may take years for the U.S. to refill its Strategic Petroleum Reserve. She appeared to walk back those comments on March 28, with Reuters reporting that she said the U.S. could start buying back crude oil for the SPR late this year.</p><p>The Biden administration last year announced the emergency sale of 180 million barrels of SPR crude to help lower gasoline prices, and has said it would refill the reserve when oil prices fell to around $70 a barrel.</p><p>U.S. benchmark West Texas Intermediate crude oil fell below $70 a barrel to their lowest level in 15 months on March 21.</p><h2>Why was the market so surprised?</h2><p>The OPEC+ decision took the financial market by surprise.</p><p>&#34;If fully delivered, the announced cut would further tighten an already fundamentally tight oil market, driving the Brent benchmark towards $100 per barrel sooner than previously expected, and would push the price to around $110 per barrel this summer,&#34; said Jorge Leon, senior vice president at Rystad Energy.</p><p>Before the new OPEC+ cuts, Rystad Energy was anticipating the crude-oil market to be in a supply deficit to the &#34;tune of 1.4 million&#34; barrels a day between May and August, he said in emailed commentary. The voluntary cuts will put &#34;upside pressure on prices from a fundamentals perspective, offering support of around $10 per barrel.&#34;</p><p>On Monday, the front-month May WTI oil futures contract climbed 6.4% to trade above $80.50 a barrel ahead of the closing bell on the New York Mercantile Exchange. Global benchmark June Brent oil rose $4.75, or 6.3%, to close at $80.42 a barrel on ICE Futures Europe.</p><p>&#34;Positioning in crude is extremely light after the recent financial market driven weakness,&#34; said Babin. Last week&#39;s rally was driven primarily by short covering and modest re-engagement from long buyers,&#34; she said, adding that the long position, or bets that oil will rise in value, is &#34;very modest, with the managed money long-short ratio at 2.5, the lowest since December 2022.&#34;</p><p>Large short positions held by speculative traders can make for more explosive rallies as &#34;weak-handed&#34; players are forced to buy futures to close out losing trades.</p><p>Craig Golinowski, managing partner at Carbon Infrastructure Partners, also pointed out to MarketWatch that paper market for oil is &#34;very thin.&#34; Fewer participants and financial flows have created downside pressure on oil, he said, so OPEC is &#34;physically managing production to maintain a tight market to ensure investment into production remains stable, regardless of the paper market for oil.&#34;</p><p>The energy market saw broad gains, with company shares and exchange-traded funds, including the Energy Select Sector SPDR Fund (XLE), rallying in the wake of the OPEC+ news.</p><p>St. Louis Federal Reserve President James Bullard on Monday said the spike in oil prices after the OPEC+ cut announcement may make the central bank&#39;s inflation-fighting job &#34;a little more difficult,&#34; though it is too soon to know for sure.</p><p>The latest spike in oil prices may &#34;play a hand in what the Fed does next regarding its fight against inflation,&#34; particularly if the latest jump in oil is sustained as oil at the current level &#34;won&#39;t be doing the inflation rate any favors,&#34; said Tim Waterer, chief market analyst at Kohle Capital Markets.</p><h2>Will OPEC+ lose market share?</h2><p>In the past, OPEC+ has been concerned about the loss of oil-market share when it decides to make production cuts.</p><p>This time, however, there is &#34;limited threat to market share,&#34; said CIBC Private Wealth&#39;s Babin.</p><p>Previously, when OPEC+ cut production, they would lose market share to U.S. shale oil producers, she said. &#34;However, &#34;U.S. shale producers have entered a period where growth is limited due to financial discipline.&#34;</p><p>Recent developments in regional banks has &#34;likely lowered shale producers&#39; ability to quickly get capital to increase production,&#34; said Babin.</p><p>Total U.S. petroleum production stood at 12.2 million barrels a day as of the week ended March 24, down 100,000 barrels per day from a week earlier, according to data from the Energy Information Administration.</p><p>OPEC would usually &#34;hesitate to reduce barrels, with fears of ceding market share to U.S. shale, but the slowing of U.S. production and their dedication to a disciplined approach has alleviated the Saudi&#39;s fear of rapid U.S. growth,&#34; said Alex Hodes, energy analyst at StoneX.</p><h2>What are the geopolitical implications?</h2><p>Meanwhile, James Swanston, Middle East and North Africa economist at Capital Economics, in a note said the OPEC+ move was likely motivated by geopolitics and Saudi Arabia&#39;s &#34;shift away from the West.&#34;</p><p>Saudi Arabia&#39;s ties with the U.S. are &#34;fraying,&#34; he said.</p><p>Swanston also said the production decision has implications for the future of OPEC+ oil policy, as well as the &#34;patience of members, particularly, the UAE.&#34;</p><p>The U.A.E. agreed to these voluntary output cuts, but it was reported last month that officials were growing impatient at the bearish OPEC+ stance and had discussed internally whether to leave the group, said Swanston.</p><p>The Wall Street Journal:Saudi Arabia and U.A.E. Clash Over Oil, Yemen as Rift Grows</p><p>The U.A.E. wants to &#34;increase oil output sooner rather than later as shown by its move to bring forward its oil production capacity target from 3.1 [million barrels per day] currently to 5 million bpd by 2027,&#34; instead of the year 2030, said Swanston.</p><p>He said the U.A.E. had twice previously threatened to leave OPEC+ and that there was speculation that the U.A.E. was strongly against the Saudi-led decision to cut OPEC+ oil output quotas by 2 million bpd in October.</p><p>&#34;If the OPEC+ strategy of lower oil production persists, then tensions could escalate, and the U.A.E. could ultimately opt to leave OPEC+,&#34; Swanston said.</p><h2>What do the cuts say about demand?</h2><p>The production cuts will take effect in May, which is &#34;right ahead of Memorial Day and the start of U.S. driving season,&#34; said Stacey Morris, head of energy research with VettaFi.</p><p>Given that, &#34;it could be another summer with painful prices at the [gasoline] pump,&#34; she said.</p><p>The average price for regular unleaded gasoline stood at $3.506 a gallon on Monday, up from $3.439 a week ago, but down from $4.192 a year ago, according to AAA</p><p>Still, some traders may interpret the OPEC+ cut as a sign of weaker than expected demand for physical markets, given that OPEC+ possesses “some of the best information available in regards to the global physical oil markets,” said Rob Thummel, portfolio manager at Tortoise.</p><p style=\"text-align: start;\">However, “ we still expect global oil demand to accelerate throughout 2023, reaching a record high in the second half the year,” he said.</p><p style=\"text-align: start;\">Global oil inventories are below normal and will likely “remain below normal as higher demand and less supply deplete inventories throughout the year,” Thummel said, noting that Tortoise expects oil prices to be range bound between $85 and $95 for the year.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSoaring Oil Prices: 6 Things Investors Need to Know About the Surprise OPEC+ Production Cuts\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2023-04-04 05:59</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>The Organization of the Petroleum Exporting Countries and its allies said they decided Sunday to cut production in an effort to support oil-market stability, but that offers little comfort to consumers worried about inflation and an expected spike in fuel demand during the coming summer driving season.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/870a3726d836193bf3680cd844b61d72\" alt=\"MARKETWATCH PHOTO ILLUSTRATION/ISTOCKPHOTO\" title=\"MARKETWATCH PHOTO ILLUSTRATION/ISTOCKPHOTO\" tg-width=\"700\" tg-height=\"487\"/><span>MARKETWATCH PHOTO ILLUSTRATION/ISTOCKPHOTO</span></p><p>The surprise output reduction by the group known as OPEC+ starting in May also comes at a particularly vulnerable time for the U.S., which may not be able to quickly increase its own production.</p><p>&#34;The nature and timing of the decision are shocking, since prices have been only moderate pressured from the banking mini-crisis and the market is expected to tighten later this year,&#34; said Michael Lynch, president of Strategic Energy &amp; Economic Research.</p><p>&#34;OPEC+, and especially the Saudis, seem to be signaling a strong desire to punish short sellers and pre-empt possible demand weakness,&#34; he told MarketWatch. Also, &#34;the impact on inflation...could mean an anemic summer driving season.&#34;</p><h2>What happened?</h2><p>OPEC and its allies, a group known as OPEC+, announced voluntary production &#34;adjustments&#34; on Sunday that will take effect starting in May and run through to the end of the year.</p><p>The move was unusual, as there was no indication that any change to production would be made and OPEC+ ministers weren&#39;t scheduled to officially hold an output decision-making meeting until June 4.</p><p>The OPEC+ Joint Ministerial Monitoring Committee, however, did hold a meeting on Monday, as it does every two months. The committee has no ability to make decisions on production, but has the authority to request an OPEC and non-OPEC ministerial meeting at any time to address market developments.</p><p>The JMMC had been expected to discuss a number of oil-market issues, and confirm that previously announced cuts of 2 million barrels a day would remain in effect. The committee on Monday indeed reaffirmed its commitment to that previous agreement, but also pointed out Sunday&#39;s announcement.</p><p>&#34;Unlike cuts in the past that were more &#39;paper cuts&#39; to quotas with many countries already producing below quota, these are real voluntary cuts from countries producing at or above quotas,&#34; said Rebecca Babin, senior energy trader at CIBC Private Wealth U.S., in emailed commentary. That means this will be &#34;far more impactful than the 2 million barrels cut&#34; announced in October 2022.</p><p>Saudi Arabia will take on the biggest reduction, cutting oil output by 500,000 barrels a day. Other barrel-per-day cuts include Iraq with 211,000, United Arab Emirates 144,000, Kuwait 128,000, Kazakhstan 78,000, Algeria 48,000, Oman 40,000 and Gabon 8,000. Those total 1.157 million barrels a day.</p><p>The cuts, however, are in addition to the previous OPEC+ production cuts of 2 million barrels a day, as well as the extension of Russia&#39;s reduction of 500,000 barrels a day in retaliation to western oil-price caps and sanctions. That brings the total output reductions to 3.657 million barrels a day.</p><h2>What prompted the cut?</h2><p>Saudi Arabia&#39;s Ministry of Energy on Sunday, as well as the JMMC in a statement Monday, said that the cuts are a &#34;precautionary measure aimed at supporting the stability of the oil market.&#34;</p><p>Some news reports and analysts have speculated that Saudi Arabia, a member of OPEC and among the world&#39;s top oil producers, and other major oil producers made the surprise move to cut output because of recent comments made by U.S. Energy Secretary Jennifer Granholm.</p><p>On March 23, Granholm said that it may take years for the U.S. to refill its Strategic Petroleum Reserve. She appeared to walk back those comments on March 28, with Reuters reporting that she said the U.S. could start buying back crude oil for the SPR late this year.</p><p>The Biden administration last year announced the emergency sale of 180 million barrels of SPR crude to help lower gasoline prices, and has said it would refill the reserve when oil prices fell to around $70 a barrel.</p><p>U.S. benchmark West Texas Intermediate crude oil fell below $70 a barrel to their lowest level in 15 months on March 21.</p><h2>Why was the market so surprised?</h2><p>The OPEC+ decision took the financial market by surprise.</p><p>&#34;If fully delivered, the announced cut would further tighten an already fundamentally tight oil market, driving the Brent benchmark towards $100 per barrel sooner than previously expected, and would push the price to around $110 per barrel this summer,&#34; said Jorge Leon, senior vice president at Rystad Energy.</p><p>Before the new OPEC+ cuts, Rystad Energy was anticipating the crude-oil market to be in a supply deficit to the &#34;tune of 1.4 million&#34; barrels a day between May and August, he said in emailed commentary. The voluntary cuts will put &#34;upside pressure on prices from a fundamentals perspective, offering support of around $10 per barrel.&#34;</p><p>On Monday, the front-month May WTI oil futures contract climbed 6.4% to trade above $80.50 a barrel ahead of the closing bell on the New York Mercantile Exchange. Global benchmark June Brent oil rose $4.75, or 6.3%, to close at $80.42 a barrel on ICE Futures Europe.</p><p>&#34;Positioning in crude is extremely light after the recent financial market driven weakness,&#34; said Babin. Last week&#39;s rally was driven primarily by short covering and modest re-engagement from long buyers,&#34; she said, adding that the long position, or bets that oil will rise in value, is &#34;very modest, with the managed money long-short ratio at 2.5, the lowest since December 2022.&#34;</p><p>Large short positions held by speculative traders can make for more explosive rallies as &#34;weak-handed&#34; players are forced to buy futures to close out losing trades.</p><p>Craig Golinowski, managing partner at Carbon Infrastructure Partners, also pointed out to MarketWatch that paper market for oil is &#34;very thin.&#34; Fewer participants and financial flows have created downside pressure on oil, he said, so OPEC is &#34;physically managing production to maintain a tight market to ensure investment into production remains stable, regardless of the paper market for oil.&#34;</p><p>The energy market saw broad gains, with company shares and exchange-traded funds, including the Energy Select Sector SPDR Fund (XLE), rallying in the wake of the OPEC+ news.</p><p>St. Louis Federal Reserve President James Bullard on Monday said the spike in oil prices after the OPEC+ cut announcement may make the central bank&#39;s inflation-fighting job &#34;a little more difficult,&#34; though it is too soon to know for sure.</p><p>The latest spike in oil prices may &#34;play a hand in what the Fed does next regarding its fight against inflation,&#34; particularly if the latest jump in oil is sustained as oil at the current level &#34;won&#39;t be doing the inflation rate any favors,&#34; said Tim Waterer, chief market analyst at Kohle Capital Markets.</p><h2>Will OPEC+ lose market share?</h2><p>In the past, OPEC+ has been concerned about the loss of oil-market share when it decides to make production cuts.</p><p>This time, however, there is &#34;limited threat to market share,&#34; said CIBC Private Wealth&#39;s Babin.</p><p>Previously, when OPEC+ cut production, they would lose market share to U.S. shale oil producers, she said. &#34;However, &#34;U.S. shale producers have entered a period where growth is limited due to financial discipline.&#34;</p><p>Recent developments in regional banks has &#34;likely lowered shale producers&#39; ability to quickly get capital to increase production,&#34; said Babin.</p><p>Total U.S. petroleum production stood at 12.2 million barrels a day as of the week ended March 24, down 100,000 barrels per day from a week earlier, according to data from the Energy Information Administration.</p><p>OPEC would usually &#34;hesitate to reduce barrels, with fears of ceding market share to U.S. shale, but the slowing of U.S. production and their dedication to a disciplined approach has alleviated the Saudi&#39;s fear of rapid U.S. growth,&#34; said Alex Hodes, energy analyst at StoneX.</p><h2>What are the geopolitical implications?</h2><p>Meanwhile, James Swanston, Middle East and North Africa economist at Capital Economics, in a note said the OPEC+ move was likely motivated by geopolitics and Saudi Arabia&#39;s &#34;shift away from the West.&#34;</p><p>Saudi Arabia&#39;s ties with the U.S. are &#34;fraying,&#34; he said.</p><p>Swanston also said the production decision has implications for the future of OPEC+ oil policy, as well as the &#34;patience of members, particularly, the UAE.&#34;</p><p>The U.A.E. agreed to these voluntary output cuts, but it was reported last month that officials were growing impatient at the bearish OPEC+ stance and had discussed internally whether to leave the group, said Swanston.</p><p>The Wall Street Journal:Saudi Arabia and U.A.E. Clash Over Oil, Yemen as Rift Grows</p><p>The U.A.E. wants to &#34;increase oil output sooner rather than later as shown by its move to bring forward its oil production capacity target from 3.1 [million barrels per day] currently to 5 million bpd by 2027,&#34; instead of the year 2030, said Swanston.</p><p>He said the U.A.E. had twice previously threatened to leave OPEC+ and that there was speculation that the U.A.E. was strongly against the Saudi-led decision to cut OPEC+ oil output quotas by 2 million bpd in October.</p><p>&#34;If the OPEC+ strategy of lower oil production persists, then tensions could escalate, and the U.A.E. could ultimately opt to leave OPEC+,&#34; Swanston said.</p><h2>What do the cuts say about demand?</h2><p>The production cuts will take effect in May, which is &#34;right ahead of Memorial Day and the start of U.S. driving season,&#34; said Stacey Morris, head of energy research with VettaFi.</p><p>Given that, &#34;it could be another summer with painful prices at the [gasoline] pump,&#34; she said.</p><p>The average price for regular unleaded gasoline stood at $3.506 a gallon on Monday, up from $3.439 a week ago, but down from $4.192 a year ago, according to AAA</p><p>Still, some traders may interpret the OPEC+ cut as a sign of weaker than expected demand for physical markets, given that OPEC+ possesses “some of the best information available in regards to the global physical oil markets,” said Rob Thummel, portfolio manager at Tortoise.</p><p style=\"text-align: start;\">However, “ we still expect global oil demand to accelerate throughout 2023, reaching a record high in the second half the year,” he said.</p><p style=\"text-align: start;\">Global oil inventories are below normal and will likely “remain below normal as higher demand and less supply deplete inventories throughout the year,” Thummel said, noting that Tortoise expects oil prices to be range bound between $85 and $95 for the year.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4588":"碎股","XLE":"SPDR能源指数ETF","SCO":"二倍做空彭博原油指数ETF","USO":"美国原油ETF","BK4570":"地缘局势概念股","BK4585":"ETF&股票定投概念","UCO":"二倍做多彭博原油ETF"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2324816815","content_text":"The Organization of the Petroleum Exporting Countries and its allies said they decided Sunday to cut production in an effort to support oil-market stability, but that offers little comfort to consumers worried about inflation and an expected spike in fuel demand during the coming summer driving season.MARKETWATCH PHOTO ILLUSTRATION/ISTOCKPHOTOThe surprise output reduction by the group known as OPEC+ starting in May also comes at a particularly vulnerable time for the U.S., which may not be able to quickly increase its own production.\"The nature and timing of the decision are shocking, since prices have been only moderate pressured from the banking mini-crisis and the market is expected to tighten later this year,\" said Michael Lynch, president of Strategic Energy & Economic Research.\"OPEC+, and especially the Saudis, seem to be signaling a strong desire to punish short sellers and pre-empt possible demand weakness,\" he told MarketWatch. Also, \"the impact on inflation...could mean an anemic summer driving season.\"What happened?OPEC and its allies, a group known as OPEC+, announced voluntary production \"adjustments\" on Sunday that will take effect starting in May and run through to the end of the year.The move was unusual, as there was no indication that any change to production would be made and OPEC+ ministers weren't scheduled to officially hold an output decision-making meeting until June 4.The OPEC+ Joint Ministerial Monitoring Committee, however, did hold a meeting on Monday, as it does every two months. The committee has no ability to make decisions on production, but has the authority to request an OPEC and non-OPEC ministerial meeting at any time to address market developments.The JMMC had been expected to discuss a number of oil-market issues, and confirm that previously announced cuts of 2 million barrels a day would remain in effect. The committee on Monday indeed reaffirmed its commitment to that previous agreement, but also pointed out Sunday's announcement.\"Unlike cuts in the past that were more 'paper cuts' to quotas with many countries already producing below quota, these are real voluntary cuts from countries producing at or above quotas,\" said Rebecca Babin, senior energy trader at CIBC Private Wealth U.S., in emailed commentary. That means this will be \"far more impactful than the 2 million barrels cut\" announced in October 2022.Saudi Arabia will take on the biggest reduction, cutting oil output by 500,000 barrels a day. Other barrel-per-day cuts include Iraq with 211,000, United Arab Emirates 144,000, Kuwait 128,000, Kazakhstan 78,000, Algeria 48,000, Oman 40,000 and Gabon 8,000. Those total 1.157 million barrels a day.The cuts, however, are in addition to the previous OPEC+ production cuts of 2 million barrels a day, as well as the extension of Russia's reduction of 500,000 barrels a day in retaliation to western oil-price caps and sanctions. That brings the total output reductions to 3.657 million barrels a day.What prompted the cut?Saudi Arabia's Ministry of Energy on Sunday, as well as the JMMC in a statement Monday, said that the cuts are a \"precautionary measure aimed at supporting the stability of the oil market.\"Some news reports and analysts have speculated that Saudi Arabia, a member of OPEC and among the world's top oil producers, and other major oil producers made the surprise move to cut output because of recent comments made by U.S. Energy Secretary Jennifer Granholm.On March 23, Granholm said that it may take years for the U.S. to refill its Strategic Petroleum Reserve. She appeared to walk back those comments on March 28, with Reuters reporting that she said the U.S. could start buying back crude oil for the SPR late this year.The Biden administration last year announced the emergency sale of 180 million barrels of SPR crude to help lower gasoline prices, and has said it would refill the reserve when oil prices fell to around $70 a barrel.U.S. benchmark West Texas Intermediate crude oil fell below $70 a barrel to their lowest level in 15 months on March 21.Why was the market so surprised?The OPEC+ decision took the financial market by surprise.\"If fully delivered, the announced cut would further tighten an already fundamentally tight oil market, driving the Brent benchmark towards $100 per barrel sooner than previously expected, and would push the price to around $110 per barrel this summer,\" said Jorge Leon, senior vice president at Rystad Energy.Before the new OPEC+ cuts, Rystad Energy was anticipating the crude-oil market to be in a supply deficit to the \"tune of 1.4 million\" barrels a day between May and August, he said in emailed commentary. The voluntary cuts will put \"upside pressure on prices from a fundamentals perspective, offering support of around $10 per barrel.\"On Monday, the front-month May WTI oil futures contract climbed 6.4% to trade above $80.50 a barrel ahead of the closing bell on the New York Mercantile Exchange. Global benchmark June Brent oil rose $4.75, or 6.3%, to close at $80.42 a barrel on ICE Futures Europe.\"Positioning in crude is extremely light after the recent financial market driven weakness,\" said Babin. Last week's rally was driven primarily by short covering and modest re-engagement from long buyers,\" she said, adding that the long position, or bets that oil will rise in value, is \"very modest, with the managed money long-short ratio at 2.5, the lowest since December 2022.\"Large short positions held by speculative traders can make for more explosive rallies as \"weak-handed\" players are forced to buy futures to close out losing trades.Craig Golinowski, managing partner at Carbon Infrastructure Partners, also pointed out to MarketWatch that paper market for oil is \"very thin.\" Fewer participants and financial flows have created downside pressure on oil, he said, so OPEC is \"physically managing production to maintain a tight market to ensure investment into production remains stable, regardless of the paper market for oil.\"The energy market saw broad gains, with company shares and exchange-traded funds, including the Energy Select Sector SPDR Fund (XLE), rallying in the wake of the OPEC+ news.St. Louis Federal Reserve President James Bullard on Monday said the spike in oil prices after the OPEC+ cut announcement may make the central bank's inflation-fighting job \"a little more difficult,\" though it is too soon to know for sure.The latest spike in oil prices may \"play a hand in what the Fed does next regarding its fight against inflation,\" particularly if the latest jump in oil is sustained as oil at the current level \"won't be doing the inflation rate any favors,\" said Tim Waterer, chief market analyst at Kohle Capital Markets.Will OPEC+ lose market share?In the past, OPEC+ has been concerned about the loss of oil-market share when it decides to make production cuts.This time, however, there is \"limited threat to market share,\" said CIBC Private Wealth's Babin.Previously, when OPEC+ cut production, they would lose market share to U.S. shale oil producers, she said. \"However, \"U.S. shale producers have entered a period where growth is limited due to financial discipline.\"Recent developments in regional banks has \"likely lowered shale producers' ability to quickly get capital to increase production,\" said Babin.Total U.S. petroleum production stood at 12.2 million barrels a day as of the week ended March 24, down 100,000 barrels per day from a week earlier, according to data from the Energy Information Administration.OPEC would usually \"hesitate to reduce barrels, with fears of ceding market share to U.S. shale, but the slowing of U.S. production and their dedication to a disciplined approach has alleviated the Saudi's fear of rapid U.S. growth,\" said Alex Hodes, energy analyst at StoneX.What are the geopolitical implications?Meanwhile, James Swanston, Middle East and North Africa economist at Capital Economics, in a note said the OPEC+ move was likely motivated by geopolitics and Saudi Arabia's \"shift away from the West.\"Saudi Arabia's ties with the U.S. are \"fraying,\" he said.Swanston also said the production decision has implications for the future of OPEC+ oil policy, as well as the \"patience of members, particularly, the UAE.\"The U.A.E. agreed to these voluntary output cuts, but it was reported last month that officials were growing impatient at the bearish OPEC+ stance and had discussed internally whether to leave the group, said Swanston.The Wall Street Journal:Saudi Arabia and U.A.E. Clash Over Oil, Yemen as Rift GrowsThe U.A.E. wants to \"increase oil output sooner rather than later as shown by its move to bring forward its oil production capacity target from 3.1 [million barrels per day] currently to 5 million bpd by 2027,\" instead of the year 2030, said Swanston.He said the U.A.E. had twice previously threatened to leave OPEC+ and that there was speculation that the U.A.E. was strongly against the Saudi-led decision to cut OPEC+ oil output quotas by 2 million bpd in October.\"If the OPEC+ strategy of lower oil production persists, then tensions could escalate, and the U.A.E. could ultimately opt to leave OPEC+,\" Swanston said.What do the cuts say about demand?The production cuts will take effect in May, which is \"right ahead of Memorial Day and the start of U.S. driving season,\" said Stacey Morris, head of energy research with VettaFi.Given that, \"it could be another summer with painful prices at the [gasoline] pump,\" she said.The average price for regular unleaded gasoline stood at $3.506 a gallon on Monday, up from $3.439 a week ago, but down from $4.192 a year ago, according to AAAStill, some traders may interpret the OPEC+ cut as a sign of weaker than expected demand for physical markets, given that OPEC+ possesses “some of the best information available in regards to the global physical oil markets,” said Rob Thummel, portfolio manager at Tortoise.However, “ we still expect global oil demand to accelerate throughout 2023, reaching a record high in the second half the year,” he said.Global oil inventories are below normal and will likely “remain below normal as higher demand and less supply deplete inventories throughout the year,” Thummel said, noting that Tortoise expects oil prices to be range bound between $85 and $95 for the year.","news_type":1},"isVote":1,"tweetType":1,"viewCount":117,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}]}