The U.S. called Saudi Arabia on the eve of an OPEC+ meeting to highlight the importance of affordable energy , adding another element of uncertainty into the group s decision on production cuts.
(Bloomberg) The U.S. called Saudi Arabia on the eve of an OPEC+ meeting to highlight the importance of “affordable energy,” adding another element of uncertainty into the group’s decision on production cuts.
The cartel is heading into Thursday’s talks with several options up for discussion, including maintaining its existing production cuts or making a modest increase, delegates said. Rhetoric from the cartel’s top official had indicated a cautious approach, focusing on the fragility of demand and the risk of a Covid-19 resurgence.
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President
Gina McCarthy and her deputy
OPEC+ agreed to increase oil production gradually in the coming months, making a cautious bet on a summer economic rebound as the world recovers from Covid-19.
Defying market expectations for the second time in less than a month, the group agreed to add more than 2 million barrels a day to global oil supplies from May to July. That will return about a quarter of the crude they are still withholding after making deep cuts a year ago in response to the pandemic.
With oil prices firmly above $60 a barrel, the Organization of Petroleum Exporting Countries and its allies have been under pressure to provide more fuel to an accelerating global economy. Other commodity costs have also been soaring, leaving central banks from the U.S. to China grappling with the potential of higher inflation just as their governments are pouring trillions of dollars into fiscal stimulus.
Saudi Energy Minister Abdulaziz bin Salman speaks at an investment conference in Riyadh, Saudi Arabia, on Jan. 27. OPEC and its allies on Thursday decided to gradually boost oil production in anticipation of a rebound in crude demand over the summer. Fayez Nureldine/AFP via Getty Images
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Saudi Energy Minister Abdulaziz bin Salman speaks at an investment conference in Riyadh, Saudi Arabia, on Jan. 27. OPEC and its allies on Thursday decided to gradually boost oil production in anticipation of a rebound in crude demand over the summer. Fayez Nureldine/AFP via Getty Images
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