If anyone was beginning to feel that a degree of certainty was returning to the oil market, the events of the past few days should assure them that uncertainty remains king. Less than 24 hours after the US government called on Opec+ to ease its production cuts to bring down gasoline prices, Opec and the IEA released their monthly reports and pointed to an emerging market oversupply.
Perspective is critical, and the US call for additional supplies stems from its concern over the immediate situation, much of which is shaped by supply and demand balances from the recent past. Opec and the IEA meanwhile are more concerned with an emerging glut in early 2022. (CONTINUED - 688 WORDS)