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OPEC+ said it would cut production by 2 million barrels a day and would set a new price bottom line for crude oil, which could unnerve U.
S
.
lawmakers but should prove that oil producers are still profitable.
Raad Alkadiri of the Eurasia Group said that OPEC+'s market balance concept is that oil prices are between $90-100/bbl, and they are willing to set a bottom line
for prices before global economic weakness causes oil demand to fall and hurt prices.
Both WTI crude and Brent crude oil recorded the biggest weekly net and percentage gains
since March.
November WTI crude oil closed the week up 16.
5% at $92.
64/bbl; Brent crude for December closed up 15% at $97.
92 a barrel
for the week.
Azi Salzman said Saudi Arabia is much less worried about losing market share than in the past because U.
S.
producers are slow to boost production because they are seeking to meet the demands of investors who would rather see the money spent on dividends than drilling new wells
.
Alkadiri also noted that Crown Prince Mohammed bin Salman is working on expensive public works projects that require more oil revenues to fund them
.
Commerzbank analysts say OPEC+ production could only fall by 1 million barrels because production in many countries is already well below quota, which is still enough to prevent a projected excess
in the last quarter of this year.
