Despite Reassurances As OPEC+ Lifts Oil Production, Demand Realities Weigh
Ellen R. Wald, Ph.D | Jul 16, 2020 05:10AM ET
The OPEC+ Joint Ministerial Monitoring Committee (JMMC) met yesterday and recommended that the gasoline demand in those states is no longer climbing. At the same time, U.S. oil production seems to have leveled off at 11 million bpd, according to the EIA.
Will OPEC Reverse Course?/h2
OPEC+ does not seem phased by the rocky demand recovery in the U.S. and anticipates that any government imposed economic lockdowns at this point will be isolated and temporary. According to the Saudi oil minister, OPEC+ would only consider an emergency meeting to revise its production downward if new lockdowns were to impact “a serious chunk of the world economy.” The JMMC plans to meet on August 18 to review compliance. OPEC+ plans to meet in December to consider production quotas.
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