WTI price highest since 2014, following OPEC's recommendation to maintain the current policy.
JMMC, the technical committee operating at OPEC +, recommends maintaining the current policy of increasing production by 400k bpd every month. Earlier it was speculated that there could be a bigger increase in production due to the current energy crisis. However, nothing like that happened. At 2:00 p.m. BST a key ministerial meeting started, but after the market reaction everything seems to be settled. OPEC + was to indicate that a surplus is expected in 2022, which will lead to price stabilization.
The current plan regarding production cuts is likely to remain unchanged. Source: Commodity Context
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In response to reports from the OPEC + conference, WTI crude oil broke above the recent local highs, the level of USD 77 per barrel and the local highs from 2018. Currently the price is at the highest level since 2014! Source: xStation5
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