Major oil producing countries have joined Saudi Arabia in announcing surprise production cuts that could send world oil prices higher.
The latest reductions could lift oil prices by $10 per barrel, the head of investment firm Pickering Energy Partners said on Sunday, while oil broker PVM said it expected an immediate jump once trading starts after the weekend.
“OPEC is taking pre-emptive steps in case of any possible demand reduction,” Amrita Sen, founder and director of Energy Aspects, said.Article content “We don’t think cuts are advisable at this moment given market uncertainty – and we’ve made that clear,” a spokesperson for the National Security Council said.The voluntary cuts start from May and last until the end of the year. Iraq will reduce its production by 211,000 bpd, according to an official statement.Article content
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