Search
Analysts at DNB Carnegie warn that should OPEC+ decide to forgo the second round of production cuts, the global crude oil idle capacity would plummet significantly. This potential decision is likely to be on the agenda during their policy meeting on Sunday. Previously, the organization has already rescinded the first phase of voluntary production cuts amounting to 2.2 million barrels per day. If the second phase of production cuts is fully repealed, production increases will be phased in over a period of four to six months. At that point, Saudi Arabia's production capacity could reach 10.48 million barrels per day, while other oil-producing nations have limited scope for further production hikes. Consequently, the global oil market would become increasingly susceptible to external shocks.
-
C114 Communication Network -
Communication Home
