Connect with us

Hi, what are you looking for?

Flex Stock TradingFlex Stock Trading


OPEC+ Production Cut Discussed by Krosby from LPL Financial

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, have been discussing the possibility of extending their production cut agreement. This agreement, which was implemented in April 2020, aimed to reduce oil production by 9.7 million barrels per day in response to the COVID-19 pandemic and the subsequent drop in demand for oil.

According to Ryan Detrick, chief market strategist for LPL Financial, the OPEC+ production cut agreement has been a key factor in stabilizing oil prices over the past year. However, with the global economy slowly recovering and demand for oil increasing, there are concerns that the current production cut levels may not be sustainable in the long term.

In a recent interview, Detrick’s colleague, Chief Market Strategist John Krosby, discussed the potential impact of an extension to the OPEC+ production cut agreement. Krosby noted that while an extension could help to maintain stable oil prices in the short term, it could also lead to higher prices in the long term if demand continues to increase.

Krosby also highlighted the importance of monitoring the actions of other major oil producers, such as the United States and Russia, as they could potentially increase their own production levels in response to higher prices. This could lead to an oversupply of oil and a subsequent drop in prices.

Overall, the OPEC+ production cut agreement remains a key factor in the global oil market, and any decisions made by the organization will have significant implications for both producers and consumers. As the world continues to recover from the COVID-19 pandemic, it will be important to closely monitor the actions of OPEC+ and other major oil producers to ensure that the market remains stable and sustainable in the long term.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like


    Forex trading is a popular investment option for many people around the world. It involves buying and selling currencies in the foreign exchange market...


    Day trading is a popular way to make money in the stock market. It involves buying and selling stocks within a single trading day,...


    Ether, the second-largest cryptocurrency by market capitalization, has been gaining popularity over Bitcoin in recent times. This is largely due to the Shanghai Fork,...


    The ANZ stock price has been on a downward trend in recent weeks, and many investors are wondering why. The answer lies in the...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024