OPEC+ Poised to Keep Pumping Despite Rising Oversupply Fears
Market Intelligence Analysis
AI-PoweredOPEC+ is expected to continue increasing oil production next year, despite concerns of rising oversupply, with 67% of surveyed traders and analysts anticipating a production ramp-up.
Market impact analysis based on bearish sentiment with 61% confidence.
Article Context
OPEC+ will probably continue with its production ramp-up next year regardless of where prices are going, according to traders who believe the expected oversupply in crude will not be large enough to discourage OPEC+ from boosting output. Bloomberg surveyed 25 traders and analysts focused on energy and said that 67% of them expected OPEC+ to keep adding to production next year, while the remainder expected the group to suspend or reverse the ramp-up. OPEC+ has been ramping up production after two years of cuts as international oil prices remain…
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