
06/08/2022
OPEC Leaving Tough Decisions For The Future
In its meeting on June 2, OPEC+ agreed to speed up its production hikes, pledging to add 648,000 barrels a day in July and August, about 200,000 more than it had signaled.
This move was mildly positive politically, helping to paper over fraught US-GCC relations, and may also be a precondition for a set of bilateral meetings. But the increase is small compared to the rising demand. It also puts off the tough decisions about how and whether to reallocate production away from those members who are struggling to meet targets.
In its meeting on June 2, OPEC+ agreed to speed up its production hikes, pledging to add 648,000 barrels a day in July and August, about 200,000 more than it had signaled previously. This move ...