The Sunday Mail
OPEC+’s hotly anticipated output meeting on Thursday underwhelmed the market, with oil prices closing up after the decision.
The alliance agreed to production hikes of 648 000 barrels a day for July and August, about 50 percent bigger than those seen in recent months.
But there were doubts about the group’s ability to fully deliver the increases, given they will be spread across its members, many of whom have struggled to raise output.
Oil’s just capped its sixth straight monthly gain — the longest such run in a decade — and the rally now looks set to continue as the supply deficit widens.
Here is what leading analysts had to say about the OPEC+ decision and what it would mean for oil prices. The latest OPEC+ decision translates to an increase of 200 000 barrels a day in summer output levels with Russia still keeping its quota share and many countries falling behind target, analysts Damien Courvalin and Callum Bruce said in a note. − Bloomberg.
