Oil prices rose today after Saudi Arabia called on OPEC+ members to cut production quotas in an effort to support the market. This comes after the market experienced consecutive losses, with signs that global supplies are shrinking. However, some OPEC+ members are resisting the call for further production cuts.
Vishnu Varathan, head of Asia economics and strategy at Mizuho Bank, warned that “Oil bears should be careful not to underestimate Saudi Arabia’s resolve,” although he noted that it will be difficult for Saudi Arabia to gain the support of all member states.
A survey of traders and analysts showed that about half of respondents expect OPEC+ to take further steps to tighten the market.
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