Oil selloffs following OPEC+ production cut plan are 'unjustified,' says portfolio manager

Following OPEC+’s oil production cut timetable, released earlier this week, one senior portfolio manager says reactionary market sentiment is rooted in a “misinterpretation.”

Following OPEC+’s oil production cut timetable, released earlier this week, one senior portfolio manager says reactionary market sentiment is rooted in a “misinterpretation.”

Eric Nuttall, partner and senior portfolio manager at Ninepoint Partners, told BNN Bloomberg that selloffs in oil following the released OPEC+ plan is “completely unjustified using fundamentals.” 

“I think it’s rooted in a strong misunderstanding of what came out and what OPEC+ is trying to achieve,” he told BNN Bloomberg on Thursday.