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Tuesday, August 16, 2022

Oil Holds Near Highs As OPEC+ Agrees To 400k B/D Production Increase

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OPEC+ JMMC is recommending the group proceeds with the planned 400,000 barrel a day increase, WTI was modestly higher on the headline.

Saudi Arabia’s energy minister Abdulaziz bin Salman again reiterated OPEC+ cautious approach when it comes to their output policy.

“Prudence as I’ve been preaching about is what saved us in OPEC+,” he said just a few hours ahead of the meeting today at a conference in Riyadh.

“I belong to an experience that pushed me to be trying to be a prudent person, so prudence dictates that you have a bit of think here and a bit of think there, and make sure that you see in your radar and in your screen and this screen should be 360 and don’t allow yourself the liberty of cherry picking because you don’t know who will evolve.”

Notably, OPEC’s cautious pace of supply increases of course runs counter to the prevailing view in Wall Street and the trading world of a tight global market.

The group’s conservatism is a reflection of its outlook for the year, which continues to project surpluses every month.

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