Crude Oil Watchlist
Weekly Oil Views: OPEC+ Calm Rescues Crude from Omicron-Induced Panic Selling
153 Views, 06 Dec 2021 13:04
- The OPEC/non-OPEC alliance, by staying with its 400,000 b/d monthly supply increment plan for January, essentially refused to buy into the market's panic over Omicron.
- At its ministerial meeting on Dec 2, OPEC+ also pledged to act swiftly (to curtail output) if global demand does come under threat over the coming days/weeks.
- We expect crude to grind higher albeit through continued volatility as the Omicron picture becomes clearer. Brent could return to mid- to high-70s if the threat is medium to low.