18 days ago • Posted by Jasper Lawler
Today's OPEC+ Meeting Preview - ANZ
A good summary from ANZ bank on the upcoming OPEC meeting:
OPEC Secretary General Mohammad Barkindo set the tone, saying the environment remains challenging, complex and uncertain.
OPEC's cautious approach to the demand recovery saw it extend production curbs into April at the last meeting. Since then the outlook hasn't become any clearer.
Yesterday France announced it was entering another four-week lockdown, while Italy extended virus restrictions. This has delayed the recovery in demand, and kept the physical market remains over-supplied.
With so much uncertainty in the short term, we suspect OPEC will be inclined to keep most of the output curbs in place for another month.