OPEC+ is anticipated to extend its current oil-supply reductions into the next quarter to prevent a surplus and maintain price stability, aiming to avoid a potential price 'meltdown', as noted by PVM's Varga. This consensus among traders and analysts, with 14 out of 17 polled supporting the continuation, is influenced by several factors: lower inventory levels, Brent crude prices staying above $80, and expectations of increased demand in the second half of the year. The cautious approach recommended involves extending the voluntary cuts for an additional quarter.
OPEC+ is expected to continue its current oil-supply cutbacks into the next quarter in a bid to avert a surplus and prop up prices https://t.co/4p7QyvIbCa https://t.co/UotCYoJTmJ
Inventory levels have come down. Brent holding above 80 and demand is still expected to pick up in the 2nd half of the year. If opec wants to take the cautious path that would mean extending the voluntary cuts for another quarter. #OOTT #Opec https://t.co/jTGW8qFZoY
#OPEC-Watchers Predict Extension of Oil Cuts Into Next Quarter Curbs to be renewed, 14 of 17 polled traders and analysts say OPEC+ must persevere to avoid price ‘meltdown’: PVM’s Varga #oort https://t.co/J5etbiENZB
OPEC+ is expected to continue its current oil-supply cutbacks into the next quarter in a bid to avert a surplus and prop up prices https://t.co/I8dvBHVE5O
🔴 OPEC-WATCHERS PREDICT EXTENSION OF OIL CUTS INTO NEXT QUARTER.