Sign Up for FREE Daily Energy News
Canadian Flag CDN NEWS  |  US Flag US NEWS  | TIMELY. FOCUSED. RELEVANT. FREE
  • Stay Connected
  • linkedin
  • twitter
  • facebook
  • youtube2
BREAKING NEWS:

Hazloc Heaters
Vista Projects
Copper Tip Energy Services
Copper Tip Energy
Vista Projects
Hazloc Heaters


OPEC+ supply cut essential to buoy oil prices, UBS says


English Español 简体中文 हिन्दी Português
These translations are done via Google Translate

An oil production cut by the Organization of the Petroleum Exporting Countries and allies is vital to break the negative momentum in prices amid recession fears and a stronger dollar, analysts at UBS said on Tuesday.

“A lack of action by the group to remove barrels from the market is likely to spur further downside pressure on oil prices,” UBS said in a note.

“The group has to announce a production cut of at least 0.5 million barrels per day over the coming days.”

The Organization of the Petroleum Exporting Countries, Russia and other producers known as OPEC+, is scheduled to meet next on Oct. 5.

GLJ
All Business Marketing - Teledyne FLIR
All Business Marketing - Teledyne FLIR
GLJ

Crude is falling on fears that a recession will lead to weaker demand and a better supplied oil market, UBS said, adding that the broader risk-off environment caused by aggressive monetary policy tightening in the United States and Europe was also weighing on prices.

Oil prices on rose more than 1% on Tuesday, after plunging to nine-month lows a day earlier, amid indications that producer alliance OPEC+ may enact output cuts to avoid a further collapse in prices.



Share This:



More News Articles


GET ENERGYNOW’S DAILY EMAIL FOR FREE