OPEC+ Should Let Go a Little to Regain Control of Oil Market

  • 📰 WSJ
  • ⏱ Reading Time:
  • 53 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 25%
  • Publisher: 63%

Business News News

Business Business Latest News,Business Business Headlines

It’s impressive that Saudi Arabia has managed to stay in the driver’s seat at OPEC+ meetings. But Spencerjakab explains why it may be time to loosen its grip. WSJWhatsNow

All things considered, it is impressive that Saudi Arabia has managed to stay in the driver’s seat at OPEC+ meetings thus far. It may be time to loosen its grip.

In a meeting last Thursday, the cartel was widely expected to increase its output by roughly half a million barrels per day starting August. But the United Arab Emirates, which had been itching to open up its taps for some time, left the meeting deadlocked with no new date announced. There are a couple of reasons for the U.A.E.’s reluctance. As a percentage of capacity, the country is suppressing more supply than anyone else, according to analysis from energy economist Philip Verleger. The country has invested heavily to boost capacity in recent years. And as always, there are geopolitical undercurrents: The split comes as the U.A.E.

What next? The most alarming scenario would be if the U.A.E. were to drop out of the alliance completely, stoking chaos. On the safer end of the spectrum, Saudi Arabia could step in——to sacrifice some of its own production while allowing disgruntled members to increase output moderately. The latter option, however, could set a bad precedent for future meetings if it encourages future standoffs.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Spencerjakab Couple of months ago I came across a recommendation about kimberlyalr88 wealth how he helped investors to earn lots of money with their investments. and I decided to give a trial with the little I have. Now my little has turned into something great which was not my expectation

Spencerjakab KSA is also playing both sides of the issue with its 2030 plan and regional hegemony plays. While other nations adapt, Saudi Arabia stays in its comfort zone...which is shrinking in size & influence.

Spencerjakab I want to say a big thank you to lisaFx090 Just got my profit of $7500 in my Bank account. This is indeed a trust worthy platform to invest

Spencerjakab good

Spencerjakab New my bank

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 98. in BUSİNESS

Business Business Latest News, Business Business Headlines