, Columnist
There’s a Lot of Unused Oil Stored Up Around the World
OPEC+ is right to be cautious about increasing oil production.
Oil storage is key for producers.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
The OPEC+ group of oil producers, led by Saudi Arabia and Russia, may have got inventory levels back up to where they want them, but that doesn’t mean they can take their feet off the brakes on production just yet.
At their last meeting, inauspiciously held on April Fool’s Day, the group set out a path to restore some of their shut-down production over the next three months. The easing, but not yet the ending, of output curbs reflects a more optimistic view of demand for oil as the northern hemisphere moves into its summer months.