The meeting of the OPEC + committee ended without specific agreement on production or reduction plans.
OPEC + said the oil producing countries must be ready to make a decision when the group meets again for its next meeting, two weeks after the ministerial meeting. OPEC + is discussing postponing the increase in production by 3-6 months, but Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, said the market is very mobile to decide on cuts at the moment.
“The market loves to be specific in order to understand the path, and lack of specificity only means more uncertainty,” said Bill O’Grady, Executive Vice President of Confluence Investment Management in St. Louis.
At the moment, OPEC is grappling with a split demand outlook. In Asia, where consumption has skyrocketed, refineries are buying barrels from the Middle East, the United States and Russia. The structure of Oman’s futures on the Dubai Mercantile Exchange has also surged in recent days, indicating a limited supply. As for Europe and the United States, consumption has decreased due to strict quarantine restrictions.
But since one of the objectives of the OPEC + is to avoid oversupply, the group has been hinting that its plan to add nearly 2 million barrels a day to oil markets next year may not be a good idea as demand remains weak.
UAE Minister of State and CEO of the Abu Dhabi National Oil Company, Sultan Ahmed Al Jaber, said: “Global oil demand remains strong and fairly optimistic, but we still need to focus on spending. Focusing on cost is an important element of sustainability.” He added: “We are a large oil producing country, but we are actively developing renewable energy sources and actively promoting carbon utilization and storage.”
The material has been provided by InstaForex Company – www.instaforex.com
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