I posted earlier on : Oil - OPEC+ July 1 meeting is expected to result in an increase to output
Noting in there that:
- Caution is also warranted given the nature of the demand recovery, which is subject to setbacks if COVID-19 outbreaks should once again rise, the 'Delta' variant is of particular concerns as it seems more transmissible.
Here are just a few countries that have introduced a renewed round of lockdowns that'll limit the growth of demand. Restrictions tightened in parts of:
- Asia
- Australia
- Russia
- South Africa
(there are more). Also note that in Europe, Spain and Portugal have imposed new restrictions on UK visitors. Hong Kong has done similar.
Still, analysts do expect OPEC+ to hike output (see post linked above for more).
