Here’s What Citigroup to Goldman Say About the OPEC+ Oil Deal
- Date: 19-Jul-2021
- Source: Yahoo News
- Sector:Oil & Gas
- Country:Middle East
Here’s What Citigroup to Goldman Say About the OPEC+ Oil Deal
(Bloomberg) -- OPEC+ has overcome an internal dispute and salvaged a deal to add more barrels to the market, with the group set to boost output by 400,000 barrels a day each month from August until all its halted production has been revived. Brent oil fell toward $73 a barrel as investors digested the news.
Here's what some analysts had to say about agreement, which was driven by the United Arab Emirates seeking better terms, and the broader outlook:
Citigroup
The market is very tight and a supply increase of 400,000 barrels a day will turn out to be a pittance, Ed Morse, global head of commodities research at Citigroup Inc., said in a Bloomberg television interview. Demand is significantly higher, despite the Covid-19 pandemic exploding in parts of the world, and oil prices are likely to climb much further by the time summer is over, he said.
Vanda Insights
The deal proves that OPEC+ is not only very much intact, but also on course to manage a controlled and cautious tapering of cuts to avoid even the slightest risk of tipping the market into oversupply, said Vandana Hari, founder of Vanda Insights in Singapore. Quota-busting is likely to remain a thorn in
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