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OPEC+ Oil Strategy Success Buys Time Before Tough Choices
Bloomberg 2/2/2021 Grant Smith
(Bloomberg) OPEC and its allies can celebrate their success in buoying world oil markets when they gather this week. But the coalition will soon be faced with some tough choices.
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Last month’s pledge by Saudi Arabian Energy Minister Prince Abdulaziz bin Salman to slash production by a further 1 million barrels a day has buttressed global markets against the latest onslaught from the pandemic. A price rebound to $57 a barrel in London is shoring up the producers’ revenues.
While that relieves OPEC+ of any need to adjust policy on Wednesday, it’ll need to start considering how long to restrain output a calculation clouded by the potential return of supply from fellow member Iran.
OPEC+ Oil Strategy Success Buys Time Before Tough Choices
Bloomberg 2/2/2021 Grant Smith
(Bloomberg) OPEC and its allies can celebrate their success in buoying world oil markets when they gather this week. But the coalition will soon be faced with some tough choices.
Popular Searches
Last month’s pledge by Saudi Arabian Energy Minister Prince Abdulaziz bin Salman to slash production by a further 1 million barrels a day has buttressed global markets against the latest onslaught from the pandemic. A price rebound to $57 a barrel in London is shoring up the producers’ revenues.
While that relieves OPEC+ of any need to adjust policy on Wednesday, it’ll need to start considering how long to restrain output a calculation clouded by the potential return of supply from fellow member Iran.
Strategy paid off for OPEC+, but tough choices loom
OPEC S headquarters in Vienna.
OPEC and its allies can celebrate their success in buoying world oil markets when they gather this week. But the coalition will soon be faced with some tough choices.
Popular Searches
Last month’s pledge by Saudi Arabian Energy Minister Prince Abdulaziz bin Salman to slash production by a further 1 million barrels a day has buttressed global markets against the latest onslaught from the pandemic. A price rebound to $57 a barrel in London is shoring up the producers’ revenues.
While that relieves OPEC+ of any need to adjust policy on Wednesday, it’ll need to start considering how long to restrain output a calculation clouded by the potential return of supply from fellow member Iran.
OPEC+ JMMC compliance may be good, but markets only held because of Saudi cuts
Cornelia Meyer
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It is that time of the month: OPEC+ (an alliance between OPEC and 10 nations led by Russia) is set to hold its monthly Joint Ministerial Monitoring Committee (JMMC) meeting where ministers led by Saudi Energy Minister Prince Abdul Aziz bin Salman and Russia’s Deputy Prime Minister Alexander Novak monitor compliance with the organization’s production regime.
The outcome is expected to be positive a compliance of about 99 percent for the group or thereabouts. In January, compliance for the group stood above 100 percent.