Citi Doesn’t See $100 Oil Despite Shock OPEC+ Cuts ...Middle East

Oil prices are not going anywhere near $100 per barrel despite the latest production cuts announced by members of the OPEC+ group, as U.S. supply growth and uncertainty in Chinese demand growth path will keep the market fairly balanced, Ed Morse, global head of commodities research at Citigroup, told Bloomberg on Monday.  On Sunday, OPEC+ members, led by Saudi Arabia and other major Middle Eastern producers, announced a fresh combined cut of 1.16 million bpd until the end of this year, on top of Russia announcing that its own 500,000-bpd cut…

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