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Motilal Oswal Report
At the last meeting of this historic year, OPEC-plus decided to increase monitoring to balance the struggling global oil market.
The group has decided on additional voluntary cuts of a mere 0.5 million barrels of oil per day to 7.2 mnbopd, starting Janurary, 21, against the scheduled cut of 2 mnbopd to 5.7 mnbopd.
This is the second time when OPEC+ has agreed on lower cuts than schedule as further extensions and impositions of lockdowns in various countries has aggravated the demand-supply mismatch.
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