OPEC Monthly Oil Market Report March 2021

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    The OPEC Monthly Oil Market Report (MOMR) for…



    Saudi Arabia ready to support #OPEC+ #Oil cut extension into May & June & ready to extend voluntary cut following Russia this AM #OOTT #CL_F via #Reuters


    Earlier previews of the OPEC+ meeting on April 1

    The expectation is OPEC+ is going to show supply discipline
    JP Morgan on OPEC+ … existing output cuts to be maintained
    This time around another rollover of existing output cuts is expected.
    OPEC (especially Saudi Arabia) have been cautious on the demand recovery and that will not change at this meeting:
    Saudi Arabia is prepared to support extending oil cuts by OPEC and allies into May and June



    OPEC Secretary General Mohammad Barkindo set the tone, saying the environment remains challenging, complex and uncertain.
    OPEC’s cautious approach to the demand recovery saw it extend production curbs into April at the last meeting. Since then the outlook hasn’t become any clearer.
    Yesterday France announced it was entering another four-week lockdown, while Italy extended virus restrictions. This has delayed the recovery in demand, and kept the physical market remains over-supplied.
    With so much uncertainty in the short term, we suspect OPEC will be inclined to keep most of the output curbs in place for another month.


    Russia’s Novak:

    Global Oil Market Deficit Around 2Mln B/D Now
    We Expect Global Oil Demand At 5-5.5 Mln Bpd This Year
    Lots Of Uncertainties On The Market, Especially In Europe
    Russia’s Novak: Important To Not Overheat Oil Market Or Allow Deficit


    Saudi Oil Min Bib Salman:

    #Oil Market Seas Are Still Rough
    #OPEC Must Be Responsive To Market Needs
    OPEC Should Continue With Flexible Approach


    Saudi Energy Minister at Presser

    – #OPEC+ Can Still Adjust By 500K Bpd Either Way
    – We Still Have Safeguard Of Tweaking Oil Changes
    – Return Of Voluntary #Oil Cut Will Be Gradual

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