Oil Price Gains Limited By Lack Of Clarity About OPEC+ Cut

After OPEC+ yesterday agreed to cut production by 2 million bpd, oil prices rose but in a much more limited way than many would’ve predicted as it remained to be seen how much of the cut would be physical and what the U.S. would do in response to the move. “The market wasn’t thrilled since the actual cuts would be half what the headline number suggests,” Velandera Energy Partners CFO Manish Raj told Market Watch. Goldman Sachs went further, estimating the actual production cuts at half a million barrels daily because of…