OPEC+ to Decide on Output Policy as Oil Prices Spike and Russia Supply Fears Intensify
Petroleum pump jacks are pictured in the Kern River oil field in Bakersfield, California.
"The danger is that if it is across OPEC+ they show their hand that they can't really do it as a whole. If it is Saudi and the UAE going alone then they are really butting up against the rest of the organization and then against Russia as well. So, they are in a very difficult situation within the group," Booth told CNBC's"Street Signs Europe" on Wednesday.
Analysts at political risk consultancy Eurasia Group said that for the Gulf countries, most of which are part of the OPEC+ alliance, there are two factors at play: oil and geopolitics. Louise Dickson, senior oil market analyst at Rystad Energy, said a sizeable SPR announcement from the U.S. and other importing countries on Tuesday was not likely to impact the decision for OPEC+ to increase its quota ceiling by 400,000 barrels per day for April.
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