Why is OPEC cutting oil output?

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Go back to Why is OPEC cutting oil output?

OPEC+ production cut was aimed at speculators - Bloomberg

April 3, 2023 2:06 PM EDT

Bloomberg reported Monday that the surprise OPEC+ production cut was aimed at speculators betting that oil prices would fall, representing a return to a previous tactic used in 2020.

The report stated that at the time, Saudi Energy Minister Prince Abdulaziz bin Salman famously stated he wanted "the guys in the trading floors to be as jumpy as possible." Bin Salman also promised... More