OPEC Wants $100/Barrel 🛢 Everyone Knows this FactOpec helps Tamarack energy to Ten... $100 oil
A deal is struck to add barrels to the market from August
Should the parties find a compromise to push through the current impasse by somehow placating the UAE and extending the DOC to December 2022, and 400,000 barrels are added each month from August to December, oil prices should be stable at around these levels.
Scenario 2: A deal is not struck and OPEC defaults to its current DOC agreement
Should OPEC+ not be able to find a solution with which the UAE is satisfied for adding new barrels from August onwards -- and therefore consnesus is not reached -- then OPEC+ defaults to the current DOC. This would mean that no new barrels come online from OPEC+. On the short term at least, this could be very bullish for oil prices as demand would continue to rise and supply would remain steady at current levels. This scenario would be significant upward pressure on oil prices.
OPEC wants $100 per barrel everyone knows this
Cheers PetroGirl