It was déjà vu on 2 February when Opec+ ministers gathered virtually to rubber stamp another 400,000 b/d tapering of production cuts for March. In truth, Opec+ has little room to maneuver despite external pressure to release more volumes onto the market.
Prices are in large part driven by the closely-linked concerns that Opec+ spare capacity is fast running short (MEES, 21 January), and that years of underinvestment mean that many members are unable to bring production back in line with the nominal easing of output cuts. (CONTINUED - 359 WORDS)
