Crude oil can hit $100 a barrel if production cuts continue: Analysts

Others, too, believe that $100 a barrel could become a reality

The knee-jerk reaction to the surprise 1.16 million barrels per day (bpd) output cut by Opec+ oil producing countries saw Brent crude oil prices climb 6.4 per cent to over $85 a barrel intraday on Monday.

Analysts believe prices could stay firm and inch towards $100 a barrel as the year progresses in case the oil cartel continues to cut production amid strong demand.

Opec+ includes the 13 members of the Organization of the Petroleum Exporting Countries (Opec) like Iraq, Iran, Kuwait, Saudi Arabia, and others who formed a coalition with it in 2016 like Kazakhstan, Malaysia, Mexico, Oman, and Russian.

According to