The oil markets are once again in an upbeat mood, with crude prices shooting up 5% on Wednesday after reports emerged that OPEC+ producers rolled over production cuts in April. The Wall Street consensus was that collective production pledges would rise by 1.5M bbl/day for the month of April, with Saudi Arabia reversing its unilateral 1M bbl/day cut.
The specter of another extension of OPEC+ production cuts has overshadowed news of a hefty 21.6M-barrel increase in U.S. crude inventories, with Julius Baer analyst Norbert Rucker saying $70/bbl…Are America’s Largest Oil Companies Really Going Green?
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