OPEC+ Likely To Extend Production Cuts Amid Rising Summer Demand: Report
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 31 2024
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Source: Business Insider
- OPEC+ Expected to Extend Production Cuts: OPEC+ likely to prolong current production cuts due to anticipated rise in summer demand and geopolitical uncertainties.
- Meeting Moved to Virtual Platform: Originally scheduled for Jun. 1 in Vienna, the OPEC+ meeting has been shifted to a virtual platform on Jun. 2.
- Potential Extension of Supply Reductions: Remaining 2.2 million barrels per day of cuts may be extended beyond the second quarter.
- Influence of Summer Demand: Decision influenced by factors like China's refinery maintenance conclusion and increasing U.S. consumption as summer approaches.
- Market Impact and Investment Options: Oil prices have remained range-bound; investors looking at oil ETFs like VDE, OIH, USO, IEO, XES, and UCO to align with investment strategies.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
