bp5ah schreef op 28 februari 2021 17:30:
Precious Metals & Energy - Weekly Review and Calendar Aheadwww.investing.com/news/commodities-ne...The enlarged OPEC+ alliance of oil producers, banding the Saudi-led Organization of Petroleum Exporting Countries and allies steered by Russia, is to meet next Thursday to set output quotas for April. The previous meeting had ended in a face-saving compromise which allowed Russia and Kazakhstan to raise their output, while Saudi Arabia offset the net increase in world supply with a temporary 1 million barrel a day cut of its own.
The Saudis pledged to make these extra curbs only in February and March, but some see signs that could change as the negotiations get underway.
Bloomberg reported earlier this week that Riyadh was publicly urging fellow members to be “extremely cautious,” despite crude prices rebounding to a one-year high. In private, the kingdom has signaled it would prefer that the group broadly holds output steady, delegates said. Moscow, on the other hand, is indicating that it still wants to proceed with a supply increase.But some analysts are optimistic that crude prices will weather the OPEC meeting just fine.
“To stop and potentially reverse slightly the meteoric rise in oil, I'd expect a multi-million barrel increase may be needed to push oil back to $50,” said GasBuddy analyst Patrick de Haan. “With recovering demand, feels like the market probably could use 2+ (million b/d) increase.“Anything under 1 is too low and risks oil breakout,” he added.