OPEC+ production cuts surprised the market and caused an 8% rally in oil prices, sparking plenty of bullish sentiment in markets.
, stating that the likelihood of a cut remained low and that the cartel was aware of the oversupply in the markets and the lack of imminent demand resurgence. However, when viewed from a different perspective, the cut makes sense precisely for the same reason.
its inventories when prices were low and that clouds of an impending recession, or at least a serious global economic slowdown, seem to be gathering on the horizon. The recent cuts by OPEC+ would suggest the demand skeptics are correct.that stockpiles at Fujairah climbed"for the first time in a month". On March 22, data from the Fujairah Oil Industry Zone revealed that the stockpiles of all oil products at the UAE's Port of Fujairah saw a gain for the first time in a month.
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