Oil Could Rise Further As OPEC Suggests Keeping Output Cuts In Place

Posted by Irina Slav, oilprice.com

Share on Facebook

Tweet on Twitter

Crude oil prices could rise further if OPEC+ stops adding barrels to global supply, which is a possibility after the cartel’s next meeting, according to the Kuwaiti oil minister.

“The markets are slowing. Since COVID-19 has begun its fourth wave in some areas, we must be careful and reconsider this increase. There may be a halt to the 400,000 (bpd) increase,” said Mohammad Abdulatif al-Fares, as quoted by Reuters.

OPEC+ had agreed to boost oil production by 400,000 bpd every month beginning August until the group’s combined output reached pre-agreement levels towards the end of next year. But now that demand concerns are once again coming to the fore, OPEC+ is signaling that it is always ready to change tack…read more.