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Fundamentals

Opec-Plus: Alliance Stumbles From One Setback to Next

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Opec-Plus Faces Growing Tensions

No matter how much the world needs oil, Opec-plus is unable to provide. Crude oil production, in fact, is in decline, albeit temporarily. Just after Russian output collapsed under the weight of self-sanctioning, Libya became embroiled in widespread protests and a political standoff that have conspired to obliterate output. If the alliance produced 44 million barrels per day in March, this is expected to fall by 1 million b/d this month. A recovery is anticipated only in September, although this in large part depends on whether Libya can resolve the impasse and start ramping up output.

Topics:
Oil Supply, Opec-Plus Supply , Crude Oil
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