Insight

OPEC+ and UAE compromise points toward market stability

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21 July 2021

OPEC+ and UAE compromise points toward market stability

Report summary

On 18 July, OPEC+ held an unexpected meeting to decide on production levels for August and the extension of the current agreement for 2022. The decision impact is not expected to be significant on our price forecast since we were already forecasting a rise in OPEC+ production during H2 2021 and 2022. In this insight, we provide an initial view of the agreement’s impact on the short term outlook. We also look at demand side risks and crude stocks.

Table of contents

Tables and charts

This report includes 2 images and tables including:

  • Implied stock change in million b/d base case (9 July 2021 Monthly Update)
  • OECD crude inventories (million barrels)

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  • Document

    OPEC+ and UAE compromise points toward market stability

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