Reuters
OPEC+ caution and money behind reluctance to pump more oil-sources
OPEC+’s decision on Monday to stick with a plan to raise oil output modestly and gradually, despite prices surging to multi-year highs, was partly driven by concern that demand and prices could weaken, sources close to the group told Reuters. After seeing their income slide during the pandemic-induced demand and price collapse in 2020, the OPEC+ oil producers’ alliance led by Russia and top exporter Saudi Arabia are enjoying the boost in revenues, three OPEC+ sources said. OPEC+ brought in record production cuts of about 10 million barrels per day (bpd) in April 2020, or about 10% of global output, after restrictions around the world to curb the spread of the coronavirus paralysed oil demand and hit prices hard.
Source: https://finance.yahoo.com/news/bridgewater-jensen-says-stagflation-real-131518462.html
