OPEC+ bolsters oil market but strength may be short-lived

Analysts read the decision as confirming that the omicron variant, while highly transmissible, would not lead to widespread lockdowns or travel restrictions that would significantly dent oil demand.

Still, sentiment in the oil market got a boost from the confidence in demand reflected in the decision, despite the looming increase in output, analysts said.The decision by OPEC+ was “made easy” because of high prices and about 1 million barrels a day of supply outages around the world, said FACTS Global Energy.

“No wonder OPEC+ has grown confident that the market can take further increases in supply,” said Rystad Energy’s head of oil markets Bjørnar Tonhaugen. Capital Economics said it expects oil prices to come under downward pressure as OPEC+ continues to raise production in the coming months and demand growth “normalises”.

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