A reminder of the OPEC+ meeting this week – rollover of existing output cuts expected

This will not be news to anyone following along. OPEC+ meeting is on April 1 (JMMC meets the day before) 

Market consensus is for another rollover of OPEC production cuts. OPEC (especially Saudi Arabia) have been cautious on the demand recovery and that will not change at this meeting:

  • renewed lockdowns in Europe
  • the US is looking better (accelerating vaccination efforts)
  • on the supply front, there is still plenty and the disruption from the Suez blockage will pass in coming weeks

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