OPEC+ Was Wise To Ease Output Cuts Despite Demand Concerns

OPEC+ Was Wise To Ease Output Cuts Despite Demand Concerns

From oilprice.com

Oil prices are pulling back this week as concerns about the rising number of COVID-19 cases and imposed lockdown measures in Europe and many other countries around the world continue to be the main cause of uncertainty in the markets. But despite all the volatility, the near-term forecasts remain bright. OPEC+ decision seen bullish for the markets The somewhat surprising decision from OPEC+ to ease its production cuts by 2.1 million bpd did not lead to a collapse in prices, on the contrary, oil prices were up by almost 4% shortly after the OPEC+ meeting concluded. Multiple factors contributed to the group’s ... (full story)

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