Opec+ gets oil price to its sweet spot, the trick is keeping it there

The trick for Opec is getting US$90 to act as an anchor around which the price can trade with the usual daily volatility. — Reuters

THERE was no surprise that a top meeting of the Organisation of the Petroleum Exporting Countries and its allies’ (Opec+) ministers opted to keep output policy unchanged since the global crude oil market is almost exactly where the exporter group wants it.

Opec+’s ministerial committee on Wednesday kept the current output targets but did note that some countries had been over-producing and had undertaken to increase compliance.