Riyadh-Based IEF Says OPEC+ May ‘Reassess’ Oil-Output Increases
The Riyadh-based International Energy Forum said OPEC+ may change its plan for raising oil output if consuming nations sell petroleum reserves or the coronavirus pandemic worsens.
“I anticipate OPEC+ energy ministers will maintain their current plan of adding more supplies to the market gradually,” IEF Secretary-General Joseph McMonigle said in a statement Monday after a meeting with a Japanese foreign ministry official about recent volatility in energy markets. “However, certain unforeseen external factors such as a release of strategic reserves or new lockdowns in Europe may prompt a reassessment of market conditions.”
The comments come soon after Japanese media reported the government is preparing to release crude from its strategic stockpiles as part of a joint effort with the U.S. to rein in soaring prices.
©2021 Bloomberg L.P.