Here’s How Citi to RBC See Oil Outlook After OPEC+ Talks Fail
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The breakdown of OPEC+’s meeting on production levels has left the oil market in limbo. The immediate consequence is that an expected increase in output in August now likely won’t happen, leaving the world short of barrels as the economic recovery gathers pace.
The lack of unity within the alliance has also raised the specter of a repeat of last year’s price war when members pumped at will and sent oil prices crashing. The situation is still very fluid and it’s possible talks could be revived in the coming days. Here’s how analysts see things playing out.