- We are not happy with higher prices but we cannot oversupply the market
- Raising production will only be in a measured way and through a consensus among OPEC+ members
The odds- on favourite to split from OPEC and over-produce is the UAE. They fought hard for higher quotas last summer and ultimately reached a compromise. These comments tell me that they're all basking in high oil prices now and won't do anything to add supply beyond the 400k bpd each month that's planned.
Oil has been on a wild ride today, dropping to $104.50 at the lows but has since rebounded $3.
