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OPEC+ set to boost oil output as demand, prices rebound

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ICYMI: Members of the OPEC group of oil producers and allies are expected to raise output in a meeting Thursday, in response to a rebound in demand and prices. OPEC Nigeria Oil

While the so-called OPEC+ group is often at loggerheads over how much oil to pump to the market, a sudden plunge in prices triggered by the coronavirus pandemic led members to agree on a dramatic cut in output to underpin prices.

The world’s second-largest crude producer after the United States, Russia “leans for caution”, Schieldrop explained, while number three, Saudi Arabia, “defends the increase in supply”. While 7.125 million barrels per day were withheld from the market in February, the cartel lowered that figure to 7.05 million bpd for March, effectively supplying the market with an additional 75,000 bpd.In addition, Saudi Arabia could flood the market with an extra one million bpd if it decides to drop an extra production cut it voluntarily took on to facilitate agreement and allow Russia and Kazakhstan to increase their own production.

 

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