Portfolio manager Eric Nuttall argues that the recent oil selloff is unjustified and that the price outlook is more bullish than many believe due to a misunderstanding of OPEC plans.
The selloff triggered by te OPEC announcement it may roll back some production cuts was unjustified and the outlook for prices is more bullish than many believe. This is according to Eric Nuttall, portfolio manager at Ninepoint Partners, who told Bloomberg that there appeared to be a misunderstanding about the actual plan of OPEC , which did not state there will be rollbacks of the cuts come what may.
“The misinterpretation is that there’s this rigid plan to bring on volumes, there’s concerns about a weakening economy in the United States, China, etc,” Nuttall explained, noting that the OPEC plan was “not etched in stone.” In that, the Ninepoint portfolio manager echoed remarks made this week by the Saudi Energy Minister and the Russian Deputy Prime Minister who both said essentially the same thing. There was no immutable plan to bring supply back during the second half of the year.
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