At the current juncture, this means deciding whether to continue restraints on output set at the start of 2017 – their current deal to cap supply ends in three months. opec
Faced with such uncertainty, the committee overseeing the Opec+ reductions suggested last week that the group should abandon a planned April meeting where they could have decided whether to extend the deal.
That bodes poorly for both global economic growth and oil demand and complicates the decision making for both the Fed and Opec+.It’s hard to get a read yet on the impact from Russia’s promised output cuts, as officials said they would implement these only gradually over the first quarter of the year.
The Trump administration may attempt to create the illusion of getting much tougher on the country by cancelling waivers that Greece, Italy and Taiwan had been given to buy Iran’s oil, but have never exercised. We often feel more confident in our forecasts the closer we get to the period they cover – and so we should.
For most of the noughties, Opec held its regular meetings in March and September, setting production policy for the half years beginning the following July and January, respectively. The sellers then tell them how much they can have. Saudi Aramco decided its allocations to would-be buyers for April shipments two weeks ago.
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