Oil production – It's a  game of two halves

 

With oil prices racing back up to $75/barrel and the very real prospect of sustained demand rising in the near term, the time to open the taps, you would think would be now. However, as with everything that has happened over the past 18 months, it isn't as simple as that. OPEC+ have instigated monthly meetings to keep an eagle eye on prices, demand and production. This has allowed them to fine tune its quota system. At the time of writing OPEC+ was yet to reach a cohesive agreement on production volumes for August onwards, although most members supported a monthly increase of 400kb/d.
 

The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.