Oil Update: The OPEC Put

www.investing.com/analysis/oil-update-the-opec-put-200634748

By Stephen Innes | Jan 26, 2023 11:21PM ET

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Oil agencies expect solid global oil demand growth with a significant contribution from China, and subject to the burden of proof, many traders think it could push the market back into deficit from June onwards and drive Brent back up to $105/bbl by 2023Q4

However, if the oil market turned out to be softer than most forecast, then OPEC should be able to put a floor under prices given its strong pricing power. OPEC could keep its production lower for long beyond its Jun. 4 meeting or implement further cuts.

OPEC remains a critical piece of the puzzle. Because of the voiced frustration with the Western energy policies, including the price cap on Russian oil, and the risk it creates precedents, it will most certainly limit the group’s willingness to raise production and play ball with the West.

OPEC+ Joint Ministerial Monitoring Committee, which reviews the current state of the oil market, is scheduled to meet on Feb. 1.

And based on their heightened annoyance with G-7 interference and with recession concerns top of mind, they are expected to hold production steady. So far in Asia, oil prices remain well supported by the OPEC PUT amid bullish China reopening momentum.

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Comments (2)

Weaver Forrest Feb 01, 2023 2:00AM ET

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I don't understand the OPEC put.

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EL LA Jan 27, 2023 12:20PM ET

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Good point! Not to mention all the dead whales rolling up on the beaches of offshore wind power projects. Not just a bump in the road.....more like a road block!

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May 03, 2023

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Oil Update: The OPEC Put

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