What does the OPEC meeting mean for oil? – Investing.com

opec oil investing prices demand
Gulf
  • Date: 01-Jul-2021
  • Source: Investing.com
  • Sector: Oil & Gas
  • Country: Gulf
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What does the OPEC meeting mean for oil? – Investing.com

The world's largest oil cartel has played its cards very carefully this year. It is raising production extremely slowly even though demand has recovered nicely, a combination that has catapulted oil prices to their highest level in three years.

This week, the group is expected to announce another production increase of around 500k barrels per day, starting from August. That may sound like a lot, but it would still leave the oil market in a massive supply deficit according to OPEC's own calculations. This means demand would continue to exceed supply.

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