JPMorgan analysts said that the move by OPEC+ was a "preemptive" move and that it had expected similar measures to come earlier.
"We view the current reduction in supply as a preemptive measure, assuring that surpluses that started accumulating in the global oil market since mid-2022 don't extend into the second half of 2023 as the global economy slows following almost 400 bps of cumulative hikes since 2022," analysts including Natasha Kaneva wrote in a late Sunday note.
Wall Street strategists appear unconvinced that U.S. stocks are the best place to be looking ahead — despite a strong first quarter performance.
Open cutting another 1,6 million barrels 😅