Trafigura Says OPEC+ Policy Dilemma Prompts ‘Confused Message’
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OPEC+ is facing a dilemma when it comes to reconciling the group’s goals with what the market needs, and the oil cartel is sending a “confused message,” according to one of the world’s top crude traders.
The group led by Saudi Arabia and Russia delayed easing supply curbs last week, but now needs to pick which way it wants to go ahead of next year, given outlook for balances was “not great”, Ben Luckock, global head of oil at Trafigura, told traders and executives gathered at APPEC 2024, a conference hosted by S&P Global Commodity Insights.