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OPEC+ Preview: Could a cautious cartel pave the way for $100 Brent?
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On 1 July, OPEC+ will decide its collective output levels for August. Markets are expecting a hike of around 500k barrels per day (bpd), with Brent futures trading around their highest levels since October 2018.
Still, OPEC+ must be wary about how a potential US-Iran nuclear deal could disrupt the cartel’s supply plans, while keeping a close watch on pandemic-related developments. But that isn’t stopping some segments of the oil markets from forecasting $100 oil by next year!
Tune in as Han Tan and his guest, independent analyst Jamie Dutta, look ahead to this week’s key OPEC+ decision.
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