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MNI Commodity Analysis: Growing Consensus on OPEC+ Cut Extension into Q2

Executive Summary:

  • OPEC+ may decide in early March whether to rollover its extra 2.2m b/d voluntary cuts into Q2, something the market is largely favouring.
  • Vessel tracking indicates that the commitment by the group to shore up barrels through additional voluntary measures in Q1 is under question.
  • OPEC+ is widely felt to be under pressure to maintain cuts, risking a price crash if output curbs are unwound from Q2.

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MNI Commodity Analysis - Growing Consensus on OPEC+ Cut Extension into Q2.pdf

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