Writing in the Nikkei, founder of and analyst at Vanda Insights, Vandana Hari says OPEC+ must pump up supply to
- avoid hurting consumers struggling to get back on their feet and governments attempting to revive economic growth under the menacing shadow of a lingering pandemic.
- While inflation is to be expected in an environment of easy money, we do not need oil adding to that pressure, if it can be avoided.
The article is a good run down of where the oil market is at, and how it got here through the pandemic and ongoing recovery. Even if you disagree with the 'pump more' opinion the article is well worth reading.
Nikkie may be gated, link is here:
Surging oil prices are a crucial test for OPEC+ nations
Producers' alliance must not become a victim of its own success
I posted earlier in the session on some rumours of an increase in supply coming in August: