What To Expect From The Upcoming OPEC+ Meeting

After breaking the $50 barrier last year, oil prices are currently trading above $60. The major drivers behind this rally include the rise in vaccination rates and the 1 million bpd new year surprise cut from Saudi Arabia, in addition to continued high compliance from OPEC+. Other factors include a slowdown in US oil production, with the number of oil rigs in the US remaining at least 50% below its 2019 levels at 309 rigs, indicating a potential flat production for 2021. The current strategy of the US shale industry is to focus on stable returns…