OPEC+ Cut Makes Oil Balance Look “Insanely Bullish” For Later This Year ...Middle East

OILPRICE - Economy

The surprise OPEC+ cuts are making oil balances look “insanely bullish” for later this year, provided that the global economy holds up, Amrita Sen, founder and director of research at Energy Aspects, told CNBC 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's announcement that its own 500,000-bpd cut until June would be extended to the end of 2023, too. Saudi Arabia will cut 500,000…

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