OPEC+ Meeting Update - Saudi Turns Messiah Once Again: Motilal Oswal
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Motilal Oswal Report
New Year 2021 starts on a higher note for crude oil prices as Organization of the Petroleum Exporting Countries plus further increases production cuts by one million barrels of oil per day (to approximately 8.1mnbopd) for February and March 2021.
The group has locked in production quotas for Q1 CY21; the next meeting is scheduled on March 04, 2021 to set production quotas for April.
OPEC+, in its first monthly meeting of 2021 (to decide on additional incremental cuts of 0.5mnbopd for the following month), ended up deepening the cuts further in the wake of -
- further lockdowns,
- concerns over a second wave / a new strain of Covid-19, and
- huge inventory buildup across the globe.
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