The Organization of the Petroleum Exporting Countries and its allies meet days before US President Joe Biden travels to the Middle East.
Prices have slipped since then but were still above $115 on Thursday because of tight supplies and concerns that OPEC states had little extra capacity to raise output swiftly. Analysts said those fears outweighed worries about an“Supply scarcity fears outweigh recessionary fears. Globally, we are running on extremely thin spare capacity,” said Ehsan Khoman from MUFG bank.
“OPEC+ is mulling firing its last crude production bullets as it runs out of capacity to pump more, while refining capacity for oil products…which drives the real economy, has declined markedly,” he said.French President Emmanuel Macron said this week he had been told Saudi Arabia and the United Arab Emirates, the only two OPEC states considered to have significant spare capacity, could barely raise output.
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