The potential for a New Global OPEC+ was raised as the Texas Railroad Commission is set to join OPEC at their coming meeting, strategists at TD Securitires apprise.
“Texas regulators proposed a 10% cut in production, if Saudi Arabia and Russia were to do the same (with OPEC following suit).Such an agreement would translate into a significant 4-5 million b/d cut, which would be well received by the market.”
“However, we acknowledge that it is too early to determine whether the cartel could reach some kind of deal with the Texas commission.”
“We reiterate that a sustainable rebound in prices is unlikely in the next two months, as wide-scale travel restrictions contribute to more frequent sharp and sudden shocks to demand.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.