Major oil producers are betting that the world will need more crude supplies through next year, even as the spread of the coronavirus delta variant clouds...
Major oil producers are betting that the world will need more crude supplies through next year, even as the spread of the coronavirus delta variant clouds the outlook for the economic recovery and demand for gasoline.
The group expects to continue the output increases until the 5.8 million barrels per day of production curbs introduced last year are phased out.The delta variant, meanwhile, has seen a surge in coronavirus cases in many countries, pulling prices down on concerns about the economic recovery. In the future, the variant could change the direction OPEC takes, says De Haan.
He admits there is a “delicate balance to strike because countries presently battling Covid variants are the countries we expect to experience vaccination growth in coming quarters,” which would lead to increasing demand for crude and refined products. That is a key reason why OPEC+ will continue to meet monthly and evaluate the market, he says.
“ Oil “supply has been a hard-to-predict challenge, and demand has been fairly healthy, though a bit less ‘spicy’ than anticipated.” ”
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