OPEC+ Prepares for Meeting Amid Troubling India Covid Virus Surge - Bloomberg
OPEC and its allies are reviewing their plans to revive oil production, as a robust recovery in global demand was clouded by surging coronavirus infections in India.
A panel of ministers that monitors the oil market met online on Tuesday, after bringing forward their discussions by one day. They will determine whether the full OPEC+ meeting scheduled for Wednesday -- which has the power to change output policy -- needs to go ahead, delegates said.
Technical experts from the cartel issued a report on Monday projecting a strong recovery in global oil demand this year, delegates said, asking not to be named because the information is private. However, their outlook was clouded by a raging virus outbreak in India, which could crimp fuel demand this month by as much as 350,000 barrels a day, according to OilX.
“China numbers look good, demand in the U.S. looks like it’s going to be really good this summer,” said Helima Croft, chief commodities strategist at RBC Capital Markets LLC. “The dark cloud is India.”
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