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OPEC+ Views Price Drop Financially Driven, Will Focus On Fundamentals: Delegates

OIL

OPEC+ considers this week's slide in oil prices to be driven by financial fears, not any imbalance between demand and supply, and expects the market to stabilise, four delegates told Reuters.

  • Oil prices fell to a 15-months low on Wednesday with Brent falling below $72/bbl, on concerns about contagion from a banking crisis. Crude stabilised on Thursday after Credit Suisse was thrown a financial lifeline by Swiss regulators.
  • "It's purely financially driven and has nothing to with the demand and supply of oil," one of the delegates said.
  • OPEC+ is "most likely wait and see" in expectation that the situation will "normalise soon", the delegate added.
  • "We are focusing on market fundamentals," another delegate said.
  • The group's next policy meeting is not until June, though an advisory panel of key ministers meets on 3 April.
Energy BulletsCommodities
Energy BulletsCommodities

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