Reported 4 months ago
Crude oil prices fall as OPEC+ decides to extend its oil production cuts into 2025, with some cuts starting to phase out in fall 2024. Analysts expected this move, noting the impact on gasoline prices. The decision includes extending general production cuts and voluntary cuts of 2.2 million barrels per day until September 2024, gradually phasing them out in the following months. Market reactions vary, with Goldman Sachs calling it bearish, Third Bridge cautioning on premature lifting, and JP Morgan foreseeing market neutrality and bullishness in demand for the third quarter of 2024.
Source: YAHOO