OPEC+ to meet today: What it means for crude oil price?
OPEC and its allies were heading for a meeting that will be crucial for oil prices, with discussions continuing about whether to keep increasing production amid a resurgence of the coronavirus in some regions.
A familiar dynamic has emerged in the cartel before Thursday’s decision about output policy for August and beyond. On one side, Russia and Kazakhstan proposed boosting supply. On the other, Saudi Arabia and its Gulf Arab allies discussed a more cautious approach.
The evolving debate, described by delegates who asked not to be identified because the discussions were private, has big implications for the oil market and the broader economy.
Crude has risen around 50% this year, with the recovery in demand from the pandemic outpacing the revival of OPEC+ supplies after last year’s deep cuts.
