"OPEC+ stuck with plans to pause supply increases in the first quarter, as global markets face a surplus and the group awaits clarity on whether the shock US capture of Venezuela leader Nicolas Maduro will impact supplies. Key members led by Saudi Arabia and Russia agreed on Sunday to keep production levels steady through the end of March, once again ratifying a decision first made in November to suspend last year's sequence of swift increases."
"The Organization of the Petroleum Exporting Countries and its partners confront an array of challenges, with crude prices near the lowest in four years and widespread forecasts that plentiful supplies and subdued demand could unleash a record glut. This weekend's seismic upheaval in member nation Venezuela is the latest in a series of geopolitical pressure points spanning from Russia to Yemen that are also clouding the outlook."
OPEC+ decided to keep production steady through the end of March, pausing the planned increases that began last year. The group cited market fragility as crude prices sit near four-year lows and forecasts point to plentiful supplies and subdued demand that could trigger a record glut. The US capture of Venezuela's leader adds uncertainty about future Venezuelan exports, but delegates said they did not discuss Venezuela and that it is premature to respond. Analysts describe OPEC+'s stance as cautious, preserving flexibility. US sanctions on Venezuelan crude will remain despite talk of rebuilding infrastructure.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]