Oil prices to top $100 per barrel mark on OPEC+ output cut: Analysts

The OPEC+ on Wednesday announced its decision to cut crude oil output by 2 million barrels per day, the new production cap levels will come into force from November 2022.

The decision by OPEC+ to cut crude oil output by 2 million barrels per day (bpd), or 2 per cent of global supply, is likely to see oil prices climb further, with Brent likely to top the $100 per barrel mark – up nearly 7.5 per cent from the current levels, said analysts. The new production cap levels come into force starting November 2022 and will remain in place until December 2023.

“We continue to hold a positive outlook for oil prices. With oil demand benefiting from gas-to-oil switching this winter, the likely end of OECD releases of strategic oil