RE:RE:Good luck getting past 2.15 OPEC+, led in large part by Saudi Arabia, will meet next week to discuss the plan for production. If they do indeed change their plans as rumors have suggested—whether it is because of anticipated demand drop off courtesy of the latest covid wave or whether it is in response to Biden’s coordinated release of crude from the SPR along with other nations—it will be seen by the market as retaliatory.
But there is little doubt that a 10% dip in the price of Brent will prompt OPEC+ to at least pause the production increases or even cut production. And why not also relish in the opportunity the market has just handed OPEC+ to simultaneously stick it to President Biden.-- Oil Price.com