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OPEC+ Likely Faces No Choice But Cut Extension: Energy Daily

OIL

OPEC+ looks set to be forced to extend its output cuts into Q2 if it wants to keep prices near $80/b, according to Bloomberg’s Energy Daily.

  • Prices are currently around 7% lower than when Hamas attacked Israel on Oct. 7, despite the ongoing conflict.
  • The output cuts have been matched by a wave of new supply, which the IEA said would keep the market well supplied in 2024.
  • However, the cancellation of the cuts could tip the market into surplus and put pressure on prices.
  • Moreover, further discipline may be required with members are already failing to abide by the cuts agreed.
  • Iraq and the UAE are several hundred thousand barrels per day above their quota, while Russia’s shipments recently climbed to a six-week high.
Energy BulletsCommodities
Energy BulletsCommodities

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