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30.06.202112:45 Forex Analysis & Reviews: Oil cannot determine the direction

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Oil prices cannot decide on the direction before this week's OPEC meeting. On Tuesday, there was compensation for losses, which happened on Monday. The futures exceeded $ 73 per barrel.

According to OPEC's assumptions, global oil demand will sharply grow in the second half of 2021 due to a reduction in oil reserves.

The next OPEC+ meeting will take place on Thursday. Based on the plan of their discussion, this is a further gradual easing of restrictions on oil production in August.

Some OPEC observers said that the group could increase production by more than 1 million barrels per day, while more modest observers predicted an increase of 0.5 million barrels per day. Others even suggested that the current amount of production will be left unchanged.

OPEC+ sources said that there were no unanimous recommendations and decisions at the preliminary expert consultations on Tuesday.

A meeting of the joint committee on monitoring the level of ministers is scheduled for July 1.

It is assumed that the demand will rise by 6 million barrels per day this year. Of these, 5 million barrels per day in the second half of the year. This was stated by OPEC's Secretary-General Mohammed Barkindo on Tuesday during the meeting of oil experts.

It is worth noting that bringing oil reserves in line with the average figures for five years is one of the main goals of OPEC+.

Barkindo also said that the increase in the level of sovereign debt caused by fiscal and monetary stimulus programs is concerning, since it may contribute to an increase in inflation in the coming months.

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