OPEC+’s balancing act between crude optimism and pandemic risk
The big question when OPEC and its allies meet on Thursday is whether they’ll decide oil demand has recovered enough to loosen the taps again. The Organization of the Petroleum Exporting Countries and its allies led by Russia, an alliance dubbed OPEC+, could discuss allowing as much as 1.5 million barrels per day back onto the global market. That’s a far cry from last spring, when the coronavirus pandemic pummeled demand for oil, sending crude futures prices spiralling into negative territory for the first time and forcing OPEC+ to rein in output. But the market, still wary of last year’s negative prices, is eagerly looking to see OPEC+’s game plan for bringing back Saudi Arabia’s one million barrels. “Things are so tight right now that even if OPEC+ brought back 1.3 million barrels per day they would not throw off the market,” said Dickson.
OPEC: Saudi Arabia Cuts One Million Barrels Per Day Output to Stabilize Oil Market
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