Energy Monitor – OPEC+ raises output despite vulnerable market conditions

OPEC+ will taper production cuts to ‘only’ 7.7 mb/d. OPEC+ laggards need to compensate to meet their targets after all. Oil demand expectations rise, although 2020 oil demand is still judged to be lower than 2019. 2021 should see a pickup in demand and it gives the opportunity for OPEC to increase their market share. Oil prices: Capped at USD 45/bbl, while downside risks will remain.