When Opec+ holds its next ministerial meeting on 4 March, there will be considerable pressure from multiple directions for the group to further relax its production cuts from April.
Oil markets have been running hot in 2021, with Brent breaching $65/B during intra-day trading this week after opening the year at barely $51/B. That’s a more-than 25% increase in less than two months. Key consumers are feeling the pressure and have warned that further price gains could hold back the economic recovery, and thus slow oil demand growth. (CONTINUED - 1089 WORDS)