loader image
MiralFX Broker
Crude Oil Price Gaps Higher on OPEC+ Output Cut Compounding Supply Issues. Higher WTI?NewsDaily technical analysisCrude Oil Price Gaps Higher on OPEC+ Output Cut Compounding Supply Issues. Higher WTI?

Crude Oil Price Gaps Higher on OPEC+ Output Cut Compounding Supply Issues. Higher WTI?

Crude Oil, OPEC+, WTI, Brent, Russia, US, China, Kurdistan, Turkey – Talking Points

Did you hear the good news about crude oil? It went up by over 8% on Monday morning because of a surprise output cut from OPEC+. This awesome rally follows a 9% increase last week.
Good news – prices have declined a bit since they jumped initially. It’s possible that the market was a bit slow at the time, which made the initial jump worse. Some reports are saying that OPEC+ officials recently hinted that there won’t be any production cuts in the near future.

There’s been a cut of over 1 million barrels per day. Unfortunately, Turkey won’t be able to get oil from Kurdistan anymore due to an international court arbitration ruling.
The global markets might be getting 400k-450k fewer barrels per day from that source.
Great news! Russia has announced that they will continue to limit their oil production by 500k barrels per day until the end of this year.

The OPEC+ group, Saudi Arabia has taken on a big role by agreeing to lower their daily oil production by 500k barrels.
The syndicate might be considering the Fed rate hike cycle as a way to slow down economic activity in the world’s biggest economy.
The limited oil supply might actually lead to inflation, which could make the Fed rethink it is tightening policies.
The spokesperson for the National Security Council in the US said that they don’t think it’s a good idea to make cuts right now because of the uncertain market.

China’s move out of pandemic restrictions has not led to the boost in global economic activity that many had hoped for and may have also played a role in the decision.

The cartel made an unexpected announcement, and it happened a day before the OPEC+ monitoring committee meeting.
A quick update on the WTI and Brent futures contracts. In early trade, the WTI contract hit a peak of US$ 81.69 per barrel, while the Brent contract reached US$ 86.44. However, both contracts have since gone down from those highs.

Check out this chart for WTI crude oil, showing a really bold and assertive move
Check out this chart for WTI crude oil, showing a really bold and assertive move

Visa Card
Bank Transfer
MIRALFX_Artboard 1 (1)
is headquarters at James Street, Kingstown, VC0100 St. Vincent and the Grenadines.


The MiralFX broker is a world pioneer in online trading, offering financial market opportunities to audiences everywhere, regardless of where they are or what their financial goals are.

Contact US

Email: Info@miralfx.com
Tel: +1 784 485 6124
Fax: +1 784 485 6124


Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

The company does not accept clients from Turkey and United States.

Risk Warning

MiralFX LLC. offers trading on Foreign Exchange (‘Forex’ or ‘FX’) and Contracts for Difference (‘CFDs’), which are complex financial products that are traded on margin. They carry a high level of risk since leverage can work both to your advantage and disadvantage. As a result, these products may not be suitable for all investors, as loss of all invested capital may occur. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved and consider your investment objectives and level of experience. Seek independent advice, if necessary.

MiralFX LLC. does not issue advice, recommendations or opinions in relation to acquiring, holding or disposing of a CFD. MiralFX LLC is not a financial advisor and all services are provided on an execution-only basis. This communication is not an offer or solicitation to enter into a transaction and shall not be construed as such.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

By using MiralFX.com you agree to use our cookies to enhance your experience.

© 2023 MiralFX LLC. All Rights Reserved.