Surprise new cuts to the OPEC+ group's output targets could push oil prices towards $100 a barrel, setting the scene for another clash with the West grappling with higher interest rates, analysts and traders said on Monday.
Surprise production cuts
Saudi Arabia said its voluntary output cut was a precautionary measure aimed at supporting market stability. Rystad Energy said it believed the cuts will add to tightness in the oil market and lift prices above $100 a barrel for the rest of year, possibly taking Brent as high as $110 this summer. "The U.S. administration may also argue that higher oil prices will counter its efforts to put out the inflation fire," he added.An employee pumps fuel into a car at a Shell petrol station in Nairobi, Kenya, September 20, 2018.
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