Opec readies next move in bid to avoid oil-market taper tantrum

SourceEmirates Business
SectorOil & Gas
CountrySaudi Arabia

Admin 24 mins ago News Bloomberg Saudi Oil Minister Prince Abdulaziz bin Salman likes the idea of Opec+ acting as the central bank of oil. And he expresses admiration for Alan Greenspan, former chairman of US Federal Reserve. The challenge now confronting the oil producers’ club is one that’s all too familiar to the Fed: how to avoid a “taper tantrum,” the market panic that ensued when the institution proposed tightening monetary policy in 2013. Having successfully doubled crude prices over the past few months through unprecedented output cuts, the Opec+ alliance led by the Saudis and Russia is poised to begin unwinding these stimulus measures. As fuel demand recovers with the lifting of coronavirus lockdowns, the producers are about to open the taps a little. But as Greenspan’s successors discovered seven...read more...