While we learned this week that OPEC+ is sticking to its plan to gradually raise oil output from April, question marks over production discipline within the group and the strength of global oil demand will complicate implementation. Cohesion within OPEC+ would surely be sorely tested again were a substantial negative oil demand shock to arise, underlining our view that the risks to oil prices are rooted firmly to the downside.
Drop-In: We will be hosting an online briefing to discuss these topics as well as all the big stories in commodity markets – and the ones that aren’t getting enough attention. Join us on Thursday 13th March at 11:00 EDT/15:00 GMT. Register here.
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