That despite cutting its demand forecast for India
- Demand recovery forecast assumes COVID-19 situation in India improves
- Extra supply is due from Canada, Brazil
- Under current OPEC+ scenario, supplies will not match expected demand recovery
- OPEC+ has pumped far below the call on its crude
- However, demand recovery is fragile amid India’s COVID-19 situation
That fits with conventional market wisdom for the most part but just continue to keep an eye on India as they are a major wildcard considering the virus situation. If that persists for many more months and well into 2H 2021, it could alter the landscape.