OPEC+ Update - Feb

[dan_s]

The OPEC+ Joint Ministerial Monitoring Committee held an online meeting that began shortly after 6:00 and, as expected, is not recommending changes to current production. Overall the JMMC noted the high level of cohesion within the group. The next JMMC meeting will take place April 3rd. Reuters source earlier in the week said a decision on possibly extending voluntary production cuts after March 31st would likely be made in late-February.

[dan_s]

Art Berman's take on Saudi's decision to halt move to increase their production capacity. Bottomline: It has nothing to do with demand for oil.

https://www.artberman.com/blog/aramco-development-halt-has-nothing-to-do-with-oil-demand/

MY TAKE: Global demand for oil will increase by more than 2 million bpd in Q2 because demand for transportation fuels is seasonal.