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  • OPEC ready to adjust oil output increases -Barkindo

    From reuters.com

    OPEC and its allies, led by Russia, stand ready to adjust their plans for a gradual increase in oil output by 2 million barrels per day in the next months depending on market conditions, OPEC Secretary General Mohammad Barkindo said on Sunday. Barkindo was speaking at a meeting of experts of OPEC and allies, a group known as OPEC+, according to remarks published by OPEC. OPEC+ will meet on Monday to decide output policies for February. In December, OPEC+ decided to increase production by 0.5 million bpd from January as part of the 2 million bpd rise but some members have questioned the need for a further increase ... (full story)

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I think there is optimism.
Will oil market open with a bullish gap?
Quoting creativereza
Will oil market open with a bullish gap?
It should be down, increase in supply will lead to fall in price
Sell off WTI!!
Quoting dele5000
{quote} It should be down, increase in supply will lead to fall in price
Actually increasing oil production is bullish.
"OPEC+ first cut output by 9.7 million bpd, then eased cuts to 7.7 million and ultimately to 7.2 million from January."

"In December, OPEC+ decided to increase production by 0.5 million bpd from January as part of the 2 million bpd gradual rise..."

“Given fundamentals are weakening, it would be prudent for OPEC+ to hold output steady and there is a preference among some of the biggest producers to hold production flat,”

Based on the article, supply will be gradually increased. I assume there is an effort for supply to meet demand to avoid surplus. There is always the f*uckery of politics and attempts to fend off competition. So, we will see.
Oil down
Quoting herewardwake
"OPEC+ first cut output by 9.7 million bpd, then eased cuts to 7.7 million and ultimately to 7.2 million from January." "In December, OPEC+ decided to increase production by 0.5 million bpd from January as part of the 2 million bpd gradual rise..." “Given fundamentals are weakening, it would be prudent for OPEC+ to hold output steady and there is a preference among some of the biggest producers to hold production flat,” Based on the article, supply will be gradually increased. I assume there is an effort for supply to meet demand...
Going off of what you've quoted:

Expectation was for increased production. News is: that MIGHT no longer be the case. That means a CHANCE of less oil supply than expected. That means, if anything, oil should open strongly and be bullish.

However..... experience tells me this will either have zero impact or any immediate impact will be quickly faded.
Greed will eventually failed. Above $40 cannot be justified for too long.
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  • | IP XX.XXX.198.93
Buy on dip Usoil .
Best Thing to do as COVID-19 is still on the horizon at least for short term with COVID VARIANT MUTATION
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