What Next for Oil After Surprise OPEC+ Cuts? Try $100 a Barrel

Cartel removes more than 1 million barrels a day from market
Analysts say the decline in oil inventories will accelerate

An oil tanker docked at the Tanjung Priok Port in Jakarta, Indonesia — An oil tanker docked at the Tanjung Priok Port in Jakarta, Indonesia
Photographer: Dimas Ardian/Bloomberg

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By Alex Longley

April 3, 2023 at 10:23 AM UTC

Updated on

April 3, 2023 at 12:12 PM UTC

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Sunday’s surprise OPEC+ production cuts have redefined the outlook for crude prices, bringing $100 a barrel back into the frame.