RBC: OPEC+ Likely To Proceed With Scheduled Production Rise

RBC notes that “OPEC+ meets virtually this week as oil prices continue their precipitous ascent - wading deeper into President Biden’s political danger zone - as the geopolitical backdrop for energy grows more fraught with Russia sending additional troops to the Ukraine border and the Houthis firing more missiles at key Gulf producers. Nonetheless, we do not expect the producer group to provide immediate comfort for consuming countries on Wednesday as OPEC+ is likely to stay the course on the 400K bpd monthly increase despite the fact that several members are failing to meet their monthly production quotas.”