OPEC and its allies could find managing supply to the oil market easier this year, as U.S. shale producers are still not rushing to accelerate output at $60 oil
Oil Price Rally Buoyed by Signs of Stronger Demand and Subdued Supply 2021-02-06 07:00:00 David Song, Strategist
Oil Price Talking Points
The price of oil extends the advance from the monthly low ($51.64) as US crude inventories contract for the second consecutive week, and key market themes may keep oil prices afloat as global production remains subdued.
Fundamental Forecast for Crude Oil: Bullish
The price of oil trades to fresh yearly highs as the decline in US crude inventories boosts the outlook for consumption, and the ongoing efforts by the Organization of the Petroleum Exporting Countries (OPEC) may keep crude prices afloat as Saudi Arabia remains on track to reduce supply by 1 million b/d until April.
The producers part of the OPEC+ alliance complied with the oil output cuts at 99 percent in December 2020, down from 101 percent compliance in November
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