The OPEC+ agreed tapering of oil production cuts from August should support a gradual market rebalancing and may help reduce price volatility, Fitch Rating says, APA reports.
It expects OPEC+ to continue to periodically adjust the two-year deal reached in April 2020 to avoid large production surpluses or deficits. This supports their expectations of gradual oil price recovery in the medium term incorporated in our 'through-the-cycle' rating approach.
The second phase of the OPEC+ agreement, which was agreed yesterday after a one-month delay, will scale back production cuts from 9.6 million barrels a day (MMbpd) to 7.7MMbpd between August 2020 and January 2021.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on TikTok
Follow us on Facebook
Follow us on X
