Saudi oil production cuts herald higher prices in new year

From thearmchairtrader.com

Oil prices are increasingly likely to rise towards the end of the year and into 2024, which could hit your investment portfolio. Saudi Arabia recently announced that oil production cuts can “absolutely” continue past the first quarter of 2024 if necessary, and amid growing tensions in the Red Sea. The OPEC+ reductions to oil production announced last week of more than 2 million barrels a day – half of which come from Saudi Arabia – could run past the first quarter, according to the country’s Energy Minister. Although the cuts have had little impact on prices so far, it could be reasonably expected that as ... (full story)