Energy analysts believe OPEC+ unexpected decision to cut supply in time for the start of the U.S. travel season could push oil prices as high as $100 a barrel.

Sankey Research President Paul Sankey warned that supply in the oil market is not looking too good.

OPEC+ surprise move last weekend to cut oil production will cut supply for the summer travel season, likely pushing oil prices up to $100 a barrel, and the key here is that Saudi Arabia is hoping for higher prices, around $95 a barrel.

Prices for Brent crude, the European benchmark, are up more than 20% from their 15-month low in March, and oil was trading at around $85 a barrel on Wednesday.

OPEC+ regulates the oil production volumes of cartel members, which allows them to influence world oil prices by changing the supply on the world market. A decrease in production by the leading OPEC+ producers usually leads to an increase in oil prices, while an increase in production leads to a decrease in prices.

Earlier, we reported that EU countries would extend a voluntary 15% cut in gas consumption for a year.