Oil extends rally as OPEC+ mulls largest output cut since 2020
BNN Bloomberg
Oil surged after OPEC+ said it was considering cutting its production limit by as much as 2 million barrels a day, double what was previously anticipated.
West Texas Intermediate closed at a three-week high Tuesday after posting the biggest advance since July on Monday. OPEC’s decision could result in the cartel’s largest output reduction since the deep cuts at the outset of the pandemic, but the actual impact on global oil supply could be significantly smaller because several members already are pumping far below their quotas.
“The potential cut increasing from 1 million barrels a day to 2 million barrels implies a more aggressive approach,” said Stacey Morris, head of energy research at Alerian VettaFi. “It may signal greater concern around demand and the health of the global economy.”
New York Stock Exchange-parent Intercontinental Exchange said on Tuesday it has launched a product to bring greater transparency to the private credit market, an asset class beleaguered by heightened investor concerns.
Oil tankers are crossing the Strait of Hormuz and Iran’s actions to choke traffic through the shipping route have not hurt the U.S. economy, White House economic adviser Kevin Hassett told CNBC on Tuesday, reiterating the Trump administration’s position that the war should be over in weeks, not months.
Canada’s annual inflation rate slowed in February to 1.8 per cent, but many economists believe the new Statistics Canada data may be the dip before a spike driven by oil prices and the war in Iran.
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Canadian and U.S. stock markets gained ground on Wednesday as oil prices fell and tech stocks rose on both sides of the border.
Nvidia CEO CEO Jensen Huang has started his keynote at the chipmaker’s annual developer conference in San Jose, Calif., where he is set to detail its hardware and software plans.
Daily oil exports from the Middle Eastern Gulf, home to top exporter Saudi Arabia and other major producers, have dropped by at least 60 per cent in the week to March 15 compared to February due to disruptions and output cuts amid the U.S.-Iran war, according to shipping data and Reuters calculations.
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Member countries of the International Energy Agency could release more oil into the market later “as and if needed” after they have already agreed the largest-ever reserve release, Executive Director Fatih Birol said on Monday.
Oil prices are down, and stocks are up Monday, though such moves have been quick to reverse since the war in Iran began.
Statistics Canada says the annual rate of inflation dipped below two per cent in February as the end of last year’s federal “tax holiday” helped take some steam out of the yearly price comparisons.
Middle Eastern sovereign wealth funds and state-backed companies are unlikely to scale back renewable energy investments in Africa despite disruptions from the Iran war, analysts say, given the strong long-term economic and strategic reasons driving such funding.