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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (125423)	4/29/2022 12:44:34 PM
From: Goose94	Read Replies (1) of 203397

Crude Oil: As we are getting closer to next week’s OPEC+ meeting, the market has been increasingly questioning the necessity of yet another formal rubber-stamping of monthly production quotas. With Russia’s production down by almost 1 million b/d compared to February levels and Libya constantly battling supply disruptions, the oil group’s compliance rate is only going to increase. Despite a significant drop in demand from China, oil is set for a fifth straight monthly gain, with ICE Brent settling in at around $110 per barrel. OPEC+ Expected to Ram Through Another Agreement Already in their second year of supply discipline, OPEC+ countries are expected to greenlight another 432,000 b/d monthly increase for June at their monthly 05 June meeting, even as Kazakhstan and Russia have been going down in terms of oil production. Oilprice.com

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