Wall Street is betting Opec+ can fend off US$100 oil barrel price

Benchmark global prices have pushed up the cost of driving to work, shipping groceries and running farm equipment. (Image: WSJ)

The Wall Street Journal

Wed, 17 Apr 2024

By David Uberti The spectre of a widening war in the Middle East has put US$100-a-barrel (NZ$170.13) oil back on the table. But Wall Street is looking elsewhere in the region for hints about how high prices could go. The Saudi-led Organisation of the Petroleum Exporting Countries and its Russia-aligned counterparts have dialled back production of millions of barrels of oil a day in recent years. Investors are betting that spare capacity, which the countries could yet tap into, will effectively put a cap on oil prices – and prote...

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