Andurand Says OPEC+ May Need Deeper Cuts as US Supply Surges

Saudis probably want to see higher prices, Andurand says
Riyadh may push for deeper cuts from other OPEC+ members

WATCH: Pierre Andurand, founder and CIO at Andurand Capital Management, discusses his outlook for OPEC+ production and why he has lowered his expectations for the price of oil.Source: Bloomberg

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By Grant Smith and Francine Lacqua

November 22, 2023 at 9:46 AM UTC

Updated on

November 22, 2023 at 10:33 AM UTC

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OPEC+ may need to announce deeper oil production cuts this weekend to offset surprisingly strong supply growth from the US and elsewhere, hedge fund manager Pierre Andurand said.

Saudi Arabia probably wants higher prices, and will press fellow OPEC+ members to join its recent output cutbacks, the renowned oil trader and founder of Andurand Capital Management said in an interview with Bloomberg television on Wednesday.