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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 JuneANZ,recap:
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 DeficitSaudi Oil Min Bib Salman:
#Oil Market Seas Are Still Rough
#OPEC Must Be Responsive To Market Needs
OPEC Should Continue With Flexible Approach
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