Nuttall: Oil selloffs following OPEC+ production cut plan are 'unjustified'

Following OPEC+’s oil production cut timetable, released earlier this week, one senior portfolio manager says reactionary market sentiment is rooted in a “misinterpretation.”

Eric Nuttall, partner and senior portfolio manager at Ninepoint Partners, told BNN Bloomberg that selloffs in oil following the released OPEC+ plan is “completely unjustified using fundamentals.” 

“I think it’s rooted in a strong misunderstanding of what came out and what OPEC+ is trying to achieve,” he told BNN Bloomberg on Thursday.

“The concern seems to be that the eight members who are voluntarily curtailing volumes came out with a roadmap outlining that they would extend the cuts through the next quarter and then beginning in October slowly and gradually bring those back on,” he said.