After a few days of deliberation, OPEC + has finally decided to cut 1.2 million barrels per day of oil production.
Wood Mackenzie (WoodMac), a global energy, chemicals, renewables, metals and mining researching and consulting firm, states companies need to raise investment into new production by 20%. Oil and gas companies need to increase annual investment before a supply demand in 2025. The investment could reach about $600 billion to ensure companies sustain production and growth for impending demand.
November WTI traded higher by $1.36/bbl overnight, but a Presidential tweet has reversed the course.