OPEC+ to throttle back cuts as demand remains on the comeback trail.

摘要

The group's Joint Ministerial Monitoring Committee (JMMC) decided on July 15 that production cuts will be eased from the current 9.60MM b/d to 7.70MM b/d beginning on Aug, 1. Rystad Energy analyst Paola Rodriguez-Masiu noted, "Nobody could really expect OPEC+ to keep the 9.70MM b/d curtailments into Aug. Boosting output by 2.00MM b/d is not little, but the demand recovery, even though a little slower than expected, justifies it." Amrita Sen, chief oil analyst at consultancy Energy Aspects Ltd., in a Bloomberg Television interview, stated, "They are seeing the demand recovery that we all are. It is the right time to start increasing production-gradually, of course." Shin Kim, S&P Global Platts Analytics head of supply and production, stated, "The increase signals an OPEC+ desire to keep the market somewhat tight amid rising domestic consumption [not adding much to exports], but not pushing prices too far or ceding share as non-OPEC shut-ins return." Kang Wu, head of global demand and Asia at Platts Analytics, added, "With the recovery of demand from the April lows, the increase of official production quotas by OPEC+ benefits Asia in general, which relies on the Middle East heavily for its crude oil demand. The OPEC+ decision will help rebalance the global oil market and keep oil prices within a certain range, a move welcomed by most oil importing countries in Asia."