Energy

OPEC+ is facing a ‘very delicate, fragile balancing act’

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OPEC and its allies need to find a balance between supporting oil prices and keeping U.S. crude production at bay, a strategist told CNBC this week as the oil-producing group starts to roll back supply cuts.

The alliance’s historic production cuts of 9.7 million barrels per day expired on July 31 this year. From August, the cuts will be tapered to 7.7 million bpd.

Oil prices fell on Monday due to oversupply concerns, Reuters reported, noting that oil output already increased by 1 million bpd in July when Gulf countries ended their voluntary extra supply curbs.

“I think we’re witnessing kind of a high-wire … balancing act that OPEC+ is trying to execute here,” said John Driscoll, chief…



Source cnbc.com

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