Saudi Surprise Cut May Have Lasting Effect On Oil Prices

The OPEC+ decision to roll over current cuts till the end of March has come as a surprise to the oil markets as it is different from the group's plan announced last December which has sent oil prices above $60. Crude prices rallied last week to end in the $65-$70 range. Concerns about the speed of recovery of the global economy seemed to be one of the major drivers for OPEC+ to keep production increases to a minimum. The Saudi Energy Minister already voiced his ongoing concerns about the global economy two weeks before the OPEC+ meeting, and he…