OPEC+ oil deal sends prices lower — this could be a buying opportunity
This agreement should give market participants comfort that the group is not headed for a messy breakup and will not be opening up the production floodgates anytime soon.
"This agreement should give market participants comfort that the group is not headed for a messy breakup and will not be opening up the production floodgates anytime soon," said Helima Croft, head of global commodity strategy at RBC Capital Markets. Really, this is a buying opportunity for well over the next six months, as those inventories around the world continue to decline.Last year, to cope with lower demand as the Covid crisis hurt economies and people could not travel much, OPEC and its allies agreed to curb output by almost 10 million barrels a day from May 2020 to April 2022.
"So the one thing that we do know is that OPEC+ did not want to see a return to prices last year in the $10 to $20 a barrel range," Lipow said.
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