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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (148335)	4/3/2023 9:20:20 AM
From: Goose94	Read Replies (1) \| Respond to of 203019

Crude Oil: Prices Rise Oil prices are surging – up as much as eight per cent this morning – after OPEC+ blindsided traders with a surprise production cut. The cartel is taking a hatchet to production quotas, announcing a further curtailment of 1.16 million barrels per day starting in May and running through the end of this year, further crimping supply at a time when prices have been drifting lower. Between yesterday’s announcement, last fall’s two million barrel per day production cut and Russia’s voluntary decision to trim output by a half million barrels per day, we’re now looking at quotas that are about 3.66 million barrels lower than what we saw last summer. Now, as always, there are shades of gray here – for all intents and purposes, many OPEC+ members aren’t actually able to fulfill their current production quotas due to myriad factors (insufficient refining capacity, production troubles, that sort of thing), so the cuts on paper don’t necessarily translate perfectly to the cuts in reality. In any case, we’ll be keeping a close eye on both oil prices and shares of Canadian producers throughout the day. BNN.ca