OPEC Production Cut Scenario Analysis

Feb. 23, 2024

As we approach the next OPEC meeting on April 3rd, a survey released Friday (Feb 23rd) by Bloomberg, indicated oil industry participants and analysts are betting OPEC+ will extend production cuts beyond the first quarter of 2024.  Of the 17 traders and analysts surveyed, 14 of them expect that OPEC+ will not make any changes to its current production plans in the coming quarter.  The rationale for keeping production plans stable is that crude production has been above the demand levels since the beginning of this year and OPEC+ has had to keep oil off the market in order to ...