OPEC is unlikely to increase oil output as planned from January next year as it could mean adding more downside pressure to the already bearish and weak market, top traders said on Tuesday.
FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration/
“I don’t think OPEC will increase production in January...If they do, the market will test them to the downside,” Pierre Andurand, founder and chief investment office at Andurand Capital, told the FT Global Commodities Summit. He added that a Joe Biden win in the U.S. presidential election, his policy changes could add even more downward pressure to prices as Venezuelan and Iranian output would likely come back.
Andurand said he did not see jet fuel demand returning to pre-pandemic levels before 2022 in the best case scenario, which assumes a viable vaccine by mid-next year.
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