OPEC+ is facing a 'very delicate, fragile balancing act' in the oil market, strategist says

  • 📰 CNBC
  • ⏱ Reading Time:
  • 49 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 72%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

OPEC and its allies need to find a balance between supporting oil prices and keeping U.S. crude production at bay, John Driscoll of JTD Energy Services said this week as the oil-producing group starts to roll back supply cuts.

, noting that oil output already increased by 1 million bpd in July when Gulf countries ended their voluntary extra supply curbs.

"I think we're witnessing kind of a high-wire ... balancing act that OPEC+ is trying to execute here," said John Driscoll, chief strategist at JTD Energy Services. OPEC+ in April made a deal to reduce supply to the market in a bid to support prices, which went into a "free fall" earlier this year amid demand destruction due to theWe're kind of flying blind, but trying to find this magical mean to use to keep U.S. production at bay and to also support prices.

"The way I see it, this is a very delicate, fragile balancing act and there's this cloud of uncertainty overhanging all of it, on the pace of the recovery," Driscoll said."We're kind of flying blind, but trying to find this magical mean to use to keep U.S. production at bay and to also support prices.

"There's a lot of uncertainty out there," he said. "It makes any kind of precision in forecasting very difficult."

 

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

SELL you permabull charlatans

OPIG is rigged.

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:

 /  🏆 12. in CA

Canada Canada Latest News, Canada Canada Headlines