OPEC+ production cuts have tightened the markets significantly and pushed crude prices higher, but at what level will OPEC face overwhelming pressure from their customers to stop doing so?
The OPEC+ decision to cut production has added to the inflationary pressure threatening the economic health of the U.S. and many countries allied to it.
The short-term steady equilibrium price for Brent looks to be around US$80-85 pb, with a ceiling of around US$95 pb.The decisions last week by Saudi Arabia to continue its 1 million barrel per day production cut to the end of this year and by Russia to extend its 300,000 barrels per day export cut for the same period conspired to push oil prices to their highest level since last November. This in turn has added to the inflationary pressure threatening the economic health of the U.S.
Russia has increasingly less to do with these countries than Saudi Arabia, given the ongoing escalation of sanctions against its energy exports to them.so far into China’s sphere of influence now that it appears not to care at all what the U.S. wants in any respect. This was perhaps most personally and palpably underlined when Saudi Crown Prince Mohammed bin Salman refused even to take afrom U.S.
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