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Does The OPEC+ Oil Price Rally Have Legs?

Oil prices

U.S. West Texas Intermediate crude oil futures are up sharply late Thursday and for the week after OPEC and its allies (OPEC+) agreed to tighten global supply with a deal to cut production targets by 2 million barrels per day (bpd), the largest reduction since 2020.

The agreement comes ahead of a European Union Embargo on Russian oil and would squeeze supplies in an already tight market, adding to inflation, according to Reuters.

Saudi Energy Minister Abdulaziz bin Salman said the real supply cut would be about 1 million to 1.1 million bpd. Saudi Arabia’s share of the cut is about 0.5 million bpd.

Biden Administration Calls OPEC+’s Decision Shortsighted

The White House said President Joe Biden would continue to assess whether to release further strategic oil stocks to lower prices.

“The President is disappointed by the shortsighted decision by OPEC+ to cut production quotas while the global economy is dealing with the continued negative impact of (Russian President Vladimir) Putin’s invasion of Ukraine,” the White House said.

U.S. Crude and Fuel Stockpile Drawdowns Provide Additional Support

U.S. crude oil, gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday.

Crude inventories fell by 1.4 million barrels in the week ended September 30 to 429.2 million barrels. Analysts in a Reuters poll had expected a 2.1 million-barrel rise.

U.S. gasoline stocks fell 4.7 million barrels…





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