Wall Street Boosts Oil Price Forecasts After OPEC+ Supply Cuts
Wall Street investment banks have raised their price forecasts for oil after OPEC+ moved to slash production by around 2 million barrels per day and squeeze supply in a snub to the Biden administration and its pleas to the cartel to pump more crude.
While the White House reacted negatively to OPEC’s decision by accusing the alliance of “aligning with Russia” and calling the move “shortsighted,” Saudi Energy Minister Abdulaziz bin Salman said it was about bringing stability to markets.
Some analysts have said OPEC’s cuts are meant stem the decline in oil prices, which hit about $120 per barrel during spring but have since slumped to roughly $90 per barrel on fears of an economic slowdown….