BP Economist Says OPEC+ Has Limited Scope to Restore Oil Output
The headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna.
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OPEC+ has limited scope to boost output as that would put pressure on oil prices, given increasing supply from the US, Brazil and Guyana, according to BP Plc Chief Economist Spencer Dale.
“They will also be nervous about bringing oil back on because if they do so, the total supplies are growing more quickly than demand and that will lead to instability in the market,” Dale told reporters in New Delhi, adding that the decision is up to the group itself.