Crude bulls get another shot in the arm. It is OPEC plus on paper but it is a move by Saudi Arabia, says Vandana Hari, Founder & CEO, Vanda Insights
What are your key takeaways from the OPEC Plus meeting? They have clearly decided to protect oil recovery in terms of prices rather than supply in the market right now?
It is motivated by much more than a desire to put a floor under prices and I see Saudi Arabia and within that the Crown Prince MBS and his strategy written all over yesterday’s decision. I would take you back to where this threat begins, which was in January with Saudi announcing a 1 million barrel per day unilateral cut.
