The OPEC+ decision to roll over current cuts till the end of March has come as a surprise to the oil markets as it is different from the group's plan announced last December which has sent oil prices above $60. Crude prices rallied last week to end in the $65-$70 range. Concerns about the speed of recovery of the global economy seemed to be one of the major drivers for OPEC+ to keep production increases to a minimum.
The Saudi Energy Minister already voiced his ongoing concerns about the global economy two weeks before the OPEC+ meeting, and he…Saudi Surprise Cut May Have Lasting Effect On Oil Prices
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