COM - OPEC+ announces surprise oil production cut

2023-04-02 17:05:27 ET

• Major oil producers in the OPEC+ group announced a surprise addition to production cuts Sunday.
• Saudi Arabia, the top producer in the group that includes Russia, will cut 500K barrels per day. The total new cuts are about 1.16 bpd, bringing total cuts including the previous 2M bpd to about 3.66M, according to Refinitiv data from Reuters.
• Russia reportedly made a cut of 500K bpd until the end of this year.
• Crude oil futures ( CL1:COM ) ( NYSEARCA: USO ) ( CO1:COM ) ( NYSEARCA: BNO ) are looking at a volatile open after the announcement. A Monday ministerial OPEC+ meeting was expected to keep cuts steady.
• The White House said that OPEC cuts are "not advisable right now."
• Looking at energy stocks? SA contributor Michael James McDonald weighs SPDR Energy ( XLE ) vs. SPDR Oil & Gas Exploration and Production ( XOP ).

For further details see: