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Oil set for biggest quarterly rise since 2009 amid OPEC cuts, sanctions

Credit: Reuters Studio
Published on March 29, 2019 - Duration: 01:15s

Oil set for biggest quarterly rise since 2009 amid OPEC cuts, sanctions

Oil prices rose on Friday amid OPEC-led supply cuts and U.S. sanctions against Iran and Venezuela, putting crude markets on track for their biggest quarterly rise since 2009.

Pascale Davies reports.

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Oil set for biggest quarterly rise since 2009 amid OPEC cuts, sanctions

Oil prices are set for their biggest quarterly gain in a decade.

On Friday, Brent futures were edging towards 69 dollars a barrel, nearly 28 per cent up in the first quarter.

WTI futures were also making strong gains to top 60 dollars.

The boost is mainly down to an OPEC-led agreement to cut output by around 1.2 million barrels per day.

And U.S. sanctions on Iranian and Venezuelan oil.

But how long the OPEC deal will last is uncertain.

Saudi Arabia wants to keep them in place for the full year.

But Russia- is reluctant to continue the pact beyond September, according to sources.

And the U.S. president, on Thursday, called for an increase in crude production, saying prices were getting too high.

As for oil market analysts: they have a different take.

Even with the uncertainties surrounding the global economy, most in a Reuters poll, lift their outlook for the first time in five months.

With one warning of a supply deficit- if sanctions and the OPEC pact continue.

But the 2019 price view is still below the $67.32 projected in January.

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