Despite President Donald Trump’s persistent calls for OPEC to not lower production, the 15-member oil cartel’s decision to reduce supply on Dec. 7 will ultimately be good for U.S. oil production, a senior oil market analyst told Hart Energy. OPEC ended two-days of intense talks in Vienna, Austria, with the expected decision to reduce oil supply by 1.2 million barrels per day (MMbbl/d) beginning in January. The immediate response was that oil prices jumped 5% as Benchmark Brent crude oil rose $3.26 to a high of $63.32 early on Dec. 7 and U.S. light crude rose $2.62 to a high of $54.11 before slipping to around $53.90.
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