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”.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Forecasters predict Australia’s hottest property market in 2022Forecasters predict Australia’s hottest property market in 2022 (spoiler - it's south-east Queensland) Well of course East Coast Aussies want to live in the state with the most competent Government 😀 Moved up from Melbourne to Rainbow Bay March last year Gold Coast is the place to be compared to Vic Lost count of times we are asked if we are interested in selling our Unit from real estate brochures and even strangers Grrrrrrrrrr, More reason to give the federal LNP a massive boot out of office.
Source: brisbanetimes - 🏆 13. / 67 Read more »