February 4, 2023

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OPEC+ in focus today after quarter-end charade

1 min read

The OPEC+ meeting takes center stage today


Things are looking fairly quiet in the market for the time being with attention turning away from the month/quarter-end and on to the OPEC+ meeting later today.

The dollar held firmer yesterday and pushed forward with gains but oil was a decent performer, with WTI keeping steady to settle around $73.50.

The expectation is for a 500k bpd output increase by OPEC+ but there are risks that the bloc may hike output by a bit more than that, though there is some degree of consideration that they may not want to risk unsettling the market at this stage.

Either way, as long as demand conditions and the global economic outlook keeps as it is, I would expect any hiccups here to still be overlooked with oil prices likely to stay perky in the bigger picture of things.

Some posts to chew through before the main event later:

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