"I would certainly expect Saudi Arabia to boost production given the current prices that the market has seen," said Yousef Alshammari, CEO at oil markets consultancy firm CMarkets.
Saudi Arabia's voluntary production cuts of 1 million barrels per day ends in March, and is already expected to start gradually bringing back supply in April. But that also means the kingdom can't take advantage of higher crude prices by ramping up exports until that production cut period ends. The impact of a 4 million barrel daily loss "is very small on a global basis as the world produces over 80 million barrels per day of oil," Rene Santos, manager for North America supply at S&P Global Platts Analytics, told CNBC.
PVM's Varga agrees. "The situation will likely normalize soon and in the medium-term the impact of the Texas freeze will be negligible, I think," he said.Croft: The debate will continue over the role of renewables in the energy mix following the Texas power crisisBut the longer-term market dynamic is still in OPEC members' favor — not because of Texas' storm, but thanks to last year's devastating oil production shut-ins across the U.S. when crude prices crashed.
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