According to the communiqué of the alliance members’ meeting, OPEC+ believes that the oil market is presently balanced, and that the current volatility is caused by geopolitics rather than fundamental issues.
At the conference, OPEC+ members decided to expand the alliance’s oil production by 432,000 barrels per day in May.
“Continued oil market fundamentals and consensus on the forecast imply a well-balanced market,” the communiqué stated, “and that current volatility is caused by ongoing geopolitical events, not fundamentals.”
source: reuters.com
