A new term has emerged in the world of crude oil price analysis: “OPEC+.” The Organization of Petroleum Exporting Countries and its new crude-producing allies make up OPEC+, with the “+” consisting of 10 additional oil-producing nations, the largest three being Russia, Mexico and Kazakhstan.In the same way that people focus on Saudi Arabia when discussing OPEC, they focus on Russia when discussing OPEC+. In December 2018, the new super-cartel announced a 1.
These are contradictory statements. How can one confidently state that things aren’t going to change in the midst of critical uncertainty? One of the uncertainties they may be referring to is U.S. oil production, which, during this run-up in price, has actually fallen. This is in part due to slowing demand. Global economic data has taken a turn lower as have global yields, so the cartels are cutting supply but global demand is falling with it. That means they are selling much less oil at only marginally higher prices.Viewed in this light, Russian Energy Minister Alexander Novak’s request to postpone the April meeting makes sense.
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