OPEC+ Cuts Could Trigger Bullish Oil Market Later This Year.
The surprise OPEC+ cuts are making oil balances look “insanely bullish” for later this year, provided that the global economy holds up, according to Energy Aspects. The latest cuts come on top of the 2 million bpd cut announced in October 2022 and running through the end of 2023. All those cuts are expected to tighten the market further in the second half of the year. As long as the economy holds up, it is looking like a very bullish second half of the year, and oil prices could reach $100.