-3 C
New York
Sunday, February 5, 2023

Subscribe

Oil Dips After OPEC+ Headlines

Next week’s much-anticipated OPEC+ meeting in Vienna has now been moved to a virtual meeting but, as Amena Bakr noted, this does not mean its a nothingburger…

Reuters is reporting that, according to five sources among the delegates, OPEC+ is “likely to stick with the existing oil output policy” but also noted that the group “could consider further reducing oil-output”.

The reaction by the market is negative for now, suggesting the focus is on the ‘existing policy’ rather than “more cuts” as we note that out of 16 traders and analysts surveyed by Bloomberg this week, 10 anticipated a new supply cutback, with estimates ranging from 250,000 to 2 million barrels a day.

…so will we see a production cut now that OPEC+ has tested market reaction to maintaining current policy?

This post was originally published on this site

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments

Stay Connected

159,291FansLike
406,879FollowersFollow
2,160SubscribersSubscribe

Latest Articles

0
Would love your thoughts, please comment.x
()
x