OPEC+ offers a double-edged gift to oil markets: The MUFG Global Markets Podcast

The first monthly OPEC+ meeting to decide on the group’s production ended with a ‘too good to be true’ outcome. The market abacus had tallied a 500k barrels per day increase in February. Instead, investors were positively surprised by a unilateral Saudi pledge for an eye-soaring 1m barrels per day cut for both February and March – overshadowing the formal OPEC+ decision to raise output by a negligible 75k barrels per day in the next two months. What does such a decision mean for the global markets?

Ehsan Khoman, Head of MENA Research and Strategy, contextualises Saudi’s oil strategy and gives his analysis.

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