In a virtual meeting of the Midoric Monitoring Committee (JMMC) of the OPEC+ oil ministers during the weekend, the only thing that was apparently discussed was a better conformity with the existing production objectives, says the commerzbank raw material analyst, Carsten Fritsch.
The oil market is at risk of facing considerable excess supply
“New plans for cuts that compensate for the previous overproduction must be presented by the respective countries before April 15. A reevaluation of the strong increase in the production announced for May is not mentioned.”
“On the other hand, the press release only contains the usual writing indicating that an OPEC+ meeting can be convened at any time at the request of the JMMC. The next regular OPEC+ official meeting is May 28.”
“If the OPEC+ adheres to the planned increase of 411 thousand barrels per day in May, the oil market is at risk of facing a considerable excess of short -term supply, which would exert greater pressure on oil prices.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
