Oil continues its bumpy recovery, with OPEC meeting late last week to decide whether or not to increase production. But spikes in COVID cases and new lockdown measures abroad may potentially complicate things going into the summer – traditionally a good season for the energy industry as travel season heats up.
“[OPEC] decided that they would boost output sequentially in the months ahead, gradually unwinding the production cuts they put in place during the pandemic,” said Matt Smith, director of commodity research for ClipperData. “And so the logic behind the decision is supportive for prices because they think that demand is going to increase.”
What you’ll hear in this interview:
– What was behind the recent oil price rally
– How COVID-19 spikes abroad will affect the market
– How the market is faring in Texas, given the current situation
