(Boursier.com) — CGG signs the rise of the week on the SBF120 thanks to a gain of 16.5%. A jump that brings the increase in value since January 1 to more than 30%! As often, the oil services group has followed the evolution of black gold prices. However, the latter have recovered strongly, the barrel of American light crude currently posting a jump of around 12% since Monday, Brent posting an increase of nearly 8% around $95. The choice of OPEC+ to cut its production by 2 mbd explains this sharp rise in oil prices.
This decision, although important since it is the largest cut implemented by OPEC + since 2020, should nevertheless have a lesser impact on the world supply of crude while several countries are already pumping below. quotas allocated to them. Several countries would thus not need to lower their production to comply with the new quotas.
“One of the main ramifications of the latest OPEC cut is a likely return of oil to $100,” said Stephen Brennock at PVM. “Gains, however, will be capped by mounting economic headwinds.” “With Brent now firmly back in the $90-$100 range, the group will likely be happy with the outcome, although substantial uncertainty remains over the economic outlook,” adds Craig Erlam at OANDA.
Joe Biden expressed his disappointment on Thursday with the OPEC + plans. The US president and several White House officials have said the United States is considering all possible alternatives to keep prices from rising.
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