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OPEC+ Not Shifting Strategy to Market Share: Platts

OIL
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OPEC+ will continue to manage the oil market, even with Saudi plans to boost exports in the coming years, the Kingdom’s energy minister Prince Abdulaziz bin Salman said at the St. Petersburg International Economic Forum, cited by Platts.

  • OPEC+ will provide a clear path on how any further volumes are supplied, with the flexibility to adjust policy as necessary, he said.
  • Platts analysts said that the OPEC+ decision was neutral for the market, but there is greater downside risk if the bloc meets its stated commitments.
  • A consequence of the cuts could be a sign that non-OPEC+ producers have capitalised on the ability to boost output, hampering OPEC’s long-term market share.
  • Plans to reintroduce supply could be a sign that that bloc’s concerns over market share may be greater than price concerns.
  • OPEC forecasts global oil demand growth of 2.2m b/d in 2024, higher than forecasts from other agencies.

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OPEC+ will continue to manage the oil market, even with Saudi plans to boost exports in the coming years, the Kingdom’s energy minister Prince Abdulaziz bin Salman said at the St. Petersburg International Economic Forum, cited by Platts.

  • OPEC+ will provide a clear path on how any further volumes are supplied, with the flexibility to adjust policy as necessary, he said.
  • Platts analysts said that the OPEC+ decision was neutral for the market, but there is greater downside risk if the bloc meets its stated commitments.
  • A consequence of the cuts could be a sign that non-OPEC+ producers have capitalised on the ability to boost output, hampering OPEC’s long-term market share.
  • Plans to reintroduce supply could be a sign that that bloc’s concerns over market share may be greater than price concerns.
  • OPEC forecasts global oil demand growth of 2.2m b/d in 2024, higher than forecasts from other agencies.

Keep reading...Show less