Oil prices surged after Saudi Arabia and other OPEC+ producers announced a surprise round of output cuts, a potentially ominous sign for global inflation just days after a slowdown in US price data had boosted market optimism
lowered its end-2023 production forecast for OPEC+ by 1.1 million bpd and raised its Brent price forecasts to $95 and $100 a barrel for 2023 and 2024 respectively, it said in a note.and some analysts questioned the rationale for the additional cut.
"They will have nothing of it," Schieldrop added, citing the group's likely concern over rising Western interest rates and the global banking system.
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