, Columnist
OPEC Is Too Slow For Covid's Ever-Changing World
Between lockdowns and vaccines, the outlook for oil demand remains uncertain. The cartel needs to be able to react quickly to any changes.
Producers may need to be nimble over winter.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Oil producers need a mechanism allowing them to respond quickly to changes that could be both big and fast.
They face a very uncertain outlook for demand in the first half of next year. If vaccine rollouts are widespread and smooth, the need for OPEC crude could rise quickly. But demand could be curtailed again if economic growth falters amid further lockdowns or inoculation delays. Either way, the cartel must to be able to respond swiftly to a changing environment.