Crude Oil

Weekly Oil Views: OPEC+ Calm Rescues Crude from Omicron-Induced Panic Selling

Commodities
153 Views, 06 Dec 2021 13:04
EXECUTIVE SUMMARY
  • 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.
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Vandana Hari
Founder & CEO. Oil markets macro-analysis.
Vanda Insights
EnergyCommoditiesThematic (Sector/Industry)

Founder of Vanda Insights, a Singapore-based provider of analysis and briefings on the oil markets. Former Asia Editoria... 

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