Oil Market Risk Factors
2021 started positively for the oil market – oil rose in price after the next OPEC+ meeting, but the risks of destabilization are still high, since the higher the prices, the more negative factors. What can negatively affect oil prices in 2021 – in the analytical study of the independent Kazakhstan agency FinReview.info.
In early January, OPEC+ held another meeting, which resulted in an increase in oil production by 75 thousand barrels per day in Kazakhstan and Russia for domestic consumption. Against this background, Saudi Arabia decides to voluntarily cut its own productivity by 1 million barrels in February and March above the current quota. This decision became the driver of the growth in oil prices through the barrel. Considering additional reductions in Saudi Arabia, the total reduction in February will amount to 8.1 million barrels per day.