The oil cartel is, for now at least, in wait-and-see mode, and unlikely to act until the Federal Reserve concludes its next monetary policy meeting on March 22.
In the last few hours, the message I have heard from oil capitals is “no panic.” Perhaps the group is simply putting on a brave face, buying time before it needs to act. Perhaps. While Brent and West Texas Intermediate prices have fallen abruptly, OPEC+ delegates are still encouraged by what they describe as robust Asian demand. China is on the mend, and India is buying a lot.
OPEC+ delegates largely blame ...