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29 Apr in 3:35 FXEmpire Optimism in OPEC+ is growing, even that underlying economic fundamentals are in dire shape. Growing concerns about new COVID variations, as shown already in India, or renewed restrictions in major OECD countries, such as Germany, seems not to be taken into account, FXEmprire writes. As indicated already before the start of the Joint Ministerial Monitoring Committee (JMCC), the OPEC+ members, led by Saudi Arabia, UAE and Russia, have decided to keep to the former early April decision of a gradual export cut relaxation. A decision to cancel even the normal full ministerial meeting, which normally follows the JMCC, it shows its current willingness to take the risk of not adjusting export volumes to market indicators. At the last meeting, OPEC+ decided to gradually raise its collective output ceiling in May-July. At the same time it stated that it will keep vigilant in assessing the global market developments. During yesterday’s OPEC+’s Joint Technica

Saudi arabiaAr riyaSouth china seaBrunei generalAbu dhabiMohammed barkindoTechnical committeeMinisterial monitoring committeeJoint ministerial monitoring committeeJoint technical committeeNet zero stranded asset scenarioசவுதி அரேபியாஆர் ரியாதெற்கு சீனா கடல்புருனே ஜநரல்தொழில்நுட்ப குழு