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OPEC+ Jan Meeting: To Raise Production Or Not To Raise? That s The Question
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Oil in a good place | Hellenic Shipping News Worldwide
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Oil in a good place
Cornelia Meyer
Short Url
https://arab.news/47bby
Oil is in a happy place so good indeed that this week’s Joint Ministerial Monitoring Committee (JMMC) of OPEC+, an accord of the 10 OPEC countries and their 13 non-OPEC allies led by Russia could be postponed to Jan. 4. The JMMC is monitoring compliance with the production cuts which at 7.2 million barrels per day (bpd) are still at historic highs.
Oil markets were influenced by hopes around recent approvals of vaccines and planned rollouts of vaccination programs in various countries, including the UK, US and Saudi Arabia. Markets easily absorbed the news that OPEC+ would ease its cuts by 500,000 bpd as of Jan. 1. Initially, the plan had been to reduce cuts to 5.8 million bpd, according to a schedule agreed at OPEC’s ministerial meeting in April at the height of the pandemic and after the price of WTI had briefly turned negative.