{"id":57350,"date":"2021-04-01T07:42:35","date_gmt":"2021-04-01T12:42:35","guid":{"rendered":"https:\/\/olduvai.ca\/?p=57350"},"modified":"2021-04-01T07:42:35","modified_gmt":"2021-04-01T12:42:35","slug":"what-to-expect-from-todays-opec-meeting-another-saudi-surprise","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=57350","title":{"rendered":"What To Expect From Today’s OPEC+ Meeting: Another Saudi Surprise?"},"content":{"rendered":"
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What To Expect From Today’s OPEC+ Meeting: Another Saudi Surprise?<\/a><\/h3>\n<\/header>\n
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After Wednesday’s JMMC meeting ended without reaching a recommendation (as is customary and expected), the key decision-making OPEC+ meeting – where ministers will hammer out May\u2019s output quotas – begins at 1pm London Time. As\u00a0Newsquawk\u00a0<\/a>notes, market expectations are skewed towards an extension of current cuts, but a clear stance from Saudi – who have a tendency to surprise in recent months – remains to be seen, namely on the decision regarding the extra 1MM barrels the Kingdom has kept offline since the start of the year.<\/p>\n

Commenting on today’s key event, Bloomberg’s Jake Lloyd-Smith reminds us that Saudi Arabia has sprung some big surprises in the oil market already this year, and may do so again today as OPEC+ grapples with a thorny decision on supply. That could make for a volatile session before the long weekend, and already has with oil whipsawing from gains to losses in jittery trading, amid market rumors that OPEC+ is\u00a0i) considering a return to phased monthly oil-output hikes and ii) is also considering maintaining current cuts,\u00a0<\/em>according to a delegate… which pretty much covers every base so is completely useless.<\/p>\n

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As such, while the consensus view is the grouping will stick with deep output curbs to safeguard crude\u2019s recovery, there\u2019s an outside chance of alternative outcomes.\u00a0<\/strong>These span the twin extremes,\u00a0from releasing barrels to tightening further<\/strong><\/u>.<\/p>\n

At issue is the varied recovery across key regions. For every rosy demand metric from the U.S. or China, there\u2019s a poor one from Europe as lockdowns make a comeback. In addition, Riyadh faces a headache from rival Iran, which has been pushing clandestine barrels into China despite U.S. sanctions…<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n

opec+, oil and gas industry, zerohedge, saudi arabia, russia, iran, china, united states, economic sanctions, oil, oil price, bloomberg<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

What To Expect From Today’s OPEC+ Meeting: Another Saudi Surprise? After Wednesday’s JMMC meeting ended without reaching a recommendation (as is customary and expected), the key decision-making OPEC+ meeting – where ministers will hammer out May\u2019s output quotas – begins at 1pm London Time. As\u00a0Newsquawk\u00a0notes, market expectations are skewed towards an extension of current cuts, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,5],"tags":[83,130,1997,441,588,1729,592,25704,694,701,827,4318],"class_list":["post-57350","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-geopolitics","tag-bloomberg","tag-china","tag-economic-sanctions","tag-iran","tag-oil","tag-oil-and-gas-industry","tag-oil-price","tag-opec-2","tag-russia","tag-saudi-arabia","tag-united-states","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57350","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=57350"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57350\/revisions"}],"predecessor-version":[{"id":57351,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57350\/revisions\/57351"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=57350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=57350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=57350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}