OPEC+ has ‘kind of broken down’ as Russia loses relevance and group faces tight spare capacity
Oil producers in OPEC+ have not been able to meet their production targets and have limited spare capacity to increase output, analysts said.
“Still, demand is not being destroyed, so it’s a very bullish set-up, but it’s kind of crazy to be honest. Everybody is flying more and driving more. It’s a crazy situation and our forecast is $110 to $150 Brent through the summer and beyond.”
