Pickering Energy Chairman: OPEC oil production cut could raise ‎prices by $10 a barrel

Chairman of the investment company (Pickering Energy Partners) said on Sunday that the unexpected reduction of production by OPEC producers by 1.15 million barrels per day could raise global oil prices by ten dollars a barrel.

According to “Reuters”, Dan Pickering, co-founder of the Houston-based company, said that the production cut “will provide tangible support for prices.”

“It is possible that prices will move ten dollars (per barrel) of crude,” he added in an interview.

Saudi Arabia and other producers unveiled voluntary cuts ahead of Monday’s OPEC ministerial monitoring meeting, which was expected to support current production levels. OPEC said the move aims to support market stability.