- OPEC+ and its allies are likely to maintain their cautious plan of raising output by 400 MBbl/d, according to the UAE
- The group has so far ignored calls from consuming nations like the U.S. to produce more than their plan
- Per OPEC’s latest monthly report, the group is still wary about the stability of demand in the coming months
- Continued calls for Biden to take action on high energy prices contributed to WTI’s weakness Monday morning
- WTI sank 1% as Senate Majority Leader Chuck Schumer urged Biden on the weekend to release oil from the nation’s emergency reserves, saying consumers needed immediate relief at the gas pump (Bloomberg)
- “Possible U.S. SPR crude release are blamed for the weakness,” said Bjarne Schieldrop, chief commodities analyst at SEB AB