Early this week the market was viewing a hike in output as likely, until yesterday when the signs muddied and markets wavered.
Rightly so:
- OPEC+ agrees to keep oil output unchanged in April
- OPEC+ agreed to keep output steady through April. US shale recovery is still a divisive topic.
We are going to do this all over again really soon:
- The next meetings of the JMMC and OPEC and non-OPEC Ministers are scheduled for 31 March and 1 April 2021, respectively.
Watch fro progress on vaccinations and economic recovery ahead of then for clues on this next meeting outcome - signs of demand heightening will enhance the prospect of an output hike next time around.
