How OPEC+ decision could impact the broader markets

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  • CNBC Television published this video item, entitled “How OPEC+ decision could impact the broader markets” – below is their description.

    Joe Terranova, senior managing director for Virtus Investment Partners, and Jonathan Golub, chief U.S. strategist and head of quantitative research at Credit Suisse, joined “Squawk Box” on Thursday to discuss how the OPEC+ meeting set for Thursday could affect the broader markets. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

    A group of some of the world’s most powerful oil producers will meet on Thursday to decide the next phase of their production policy.

    OPEC and non-OPEC partners, an energy alliance often referred to as OPEC+, convene via videoconference on Tuesday afternoon. A joint press conference is scheduled to take place following the conclusion of the meeting.

    It comes at a time when OPEC+ is relatively upbeat about improved market conditions and the outlook for fuel demand growth following a sharp rebound in oil prices over the first six months of the year.

    The Middle East-dominated producer group agreed to implement massive crude productions cuts in 2020 in an effort to support oil prices when the coronavirus pandemic coincided with a historic fuel demand shock.

    The group, led by Saudi Arabia, has since initiated monthly meetings in a bid to navigate production policy and has already announced plans to increase supply by 2.1 million barrels per day between May and July. It will decide on Thursday whether to leave production policy unchanged or to ramp up supply further.

    Analysts say the most probable outcome is for an increase of around 500,000 barrels per day in August.

    Chris Midgley, global head of analytics at S&P Global Platts, told CNBC via email that OPEC kingpin Saudi Arabia would likely maintain a “cautious” approach to production policy. This is because Riyadh would prefer to see global demand increase before adding supply and remains concerned about when Iranian oil could return to the market, he said.

    “OPEC is treading a tight rope to sustain more attractive prices without hurting consumer confidence while not adding too much supply ahead of the weaker Autumn shoulder period for demand,” Midgley said.

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