off-the-wire

OPEC production cut could lift oil prices by $10 per barrel, analyst says

Kitco Media
By Reuters
Published:
Updated:
Reuters
HOUSTON, April 2 (Reuters) - OPEC producers' unexpected 1.15 million barrel per day production cut could lift global oil prices by $10 per barrel, the head of investment firm Pickering Energy Partners said on Sunday. The output reduction "will firm prices meaningfully," said Dan Pickering, co-founder of the Houston-based firm.


"We will probably get a $10 (per barrel) move in crude," Pickering said in an interview. Saudi Arabia and other producers disclosed voluntary cuts ahead of Monday's OPEC ministerial monitoring meeting that was expected to endorse existing production levels. The OPEC group said the move was aimed at supporting market stability.


(Reporting by Gary McWilliams)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.