The decision of Saudi-led OPEC+ to stand pat on production won’t move the needle on...
“China’s COVID situation is important to watch as looser restrictions mean higher case numbers,” said Bill Weatherburn, a commodities economist at Capital Economics. “This could bring about prolonged, widespread lockdowns, denting oil consumption.”The decision of Saudi-led OPEC+ to stand pat on production won’t move the needle on crude oil prices so much as the price cap and the upcoming moratorium on Russian crude oil will, analysts say.
President Joe Biden and his fellow Democrats were worried about high oil prices and OPEC+ policy ahead of the November elections. But lackluster demand in China and concern about a potential global recession triggered significant declines in the price of oil. “But it would be interesting to watch, almost as an academic exercise, where Russian crude ends up trading in relation to the price cap and how well any review and revision mechanism keeps in step with changes in benchmark prices,” she said.
“China’s COVID situation is important to watch as looser restrictions mean higher case numbers,” he said. “This could bring about prolonged, widespread lockdowns, denting oil consumption.”
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