Home » Oil: waiting for the new Opec + meeting, possible further easing of production cuts

Oil: waiting for the new Opec + meeting, possible further easing of production cuts

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Oil is heading for a fifth weekly high as the market awaits the new OPEC + meeting. Crude oil futures in New York are up more than 2% this week, while the Brent benchmark is at its highest level since October 2018. The alliance, led by Saudi Arabia and Russia, will meet on July 1 and is widely expected to discuss NOT increasing oil production in August, according to a Bloomberg poll. OPEC + has been discussing further easing of oil production cuts since August as oil prices rise as demand picks up, but no decision has yet been made. “The recovery in demand has been rapid and there is pressure on OPEC + to release more barrels, otherwise we could see $ 80 a barrel next month,” said Howie Lee, economist at Oversea-Chinese Banking Corp. in Singapore.

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