Posted on 08/02/2023 6:10:24 AM PDT by ConservativeInPA
- Despite the recent oil price rally, OPEC+ is unlikely to alter its current oil production policy when the group meets this Friday.
- Since the last OPEC+ meeting in early June, oil prices have rallied more than 16%.
- The current OPEC+ cuts are due to last into 2024, with Saudi Arabia’s unilateral production cut currently expected to be extended into September.
A panel of OPEC+ is unlikely to change the current oil production policy of the alliance at the Friday meeting, several sources in the group told Reuters on Wednesday, as prices rallied to more than a three-month high.
The Joint Ministerial Monitoring Committee (JMMC) of the group, which regularly discusses the situation on the market and the need for OPEC+ intervention, is meeting on August 4 to take stock of the most recent developments.
(Excerpt) Read more at oilprice.com ...
Forgot to mention the 15M barrel draw last week from US inventories. LAST WEEK ! Largest since 1982 !
And to think that just 2 short years ago the U.S. was an exporter of our own oil.
Deep State is exporting record amounts of our energy.
Including oil.
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