Oil above US$60/bbl- What now?
(MENAFN - ING) Supply cuts speed up the tightening process The additional supply cuts announced by Saudi Arabia at the start of the year have clearly helped to speed up the rebalancing of the oil market. The additional 1MMbbls/d of cuts from Saudi Arabia, along with the bulk of other OPEC+ members (with the exception of Russia and Kazakhstan) keeping their production levels unchanged, has ensured that the market will continue to draw down inventories over 1Q21, despite the wave of lockdowns seen in January. OPEC+ is of the view that OECD inventories will be back below the five-year avera...
Source: menafn.com