Nuttall: Oil selloffs following OPEC+ production cut plan are 'unjustified'
BNN Bloomberg
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.
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Global oil prices will continue to rise as the war in the Middle East continues and the Strait of Hormuz remains inaccessible, according to an energy expert.
Global oil prices will continue to rise as the war in the Middle East continues and the Strait of Hormuz remains inaccessible, according to an energy expert.
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