The OPEC+ group of oil producers are meeting on Thursday and their job has just been made more difficult by President Joe Biden and a new coronavirus variant.
The group will gather virtually to decide their production plan for January. A pause to their 400,000 barrels-a-day monthly output increases was already in the cards. OPEC’s analysts see the oil market swinging from its current deficit to a huge surplus in the first quarter of next year. Saudi Energy Minister Abdulaziz Bin Salman has even said the switch will happen as soon as December.
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November 28, 2021 at 01:00PM
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New Coronavirus Variant, Biden Stockpiles Put Pressure on OPEC+ Oil Producers - Bloomberg
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