OPEC+ position amidst rising crude oil price
With the rising crude oil price, the OPEC+ is once again under an intense spotlight in the run up to its next monthly meeting, scheduled to be on July 1. In the past, although the suspense had been building for weeks before such meetings, the outcome turned out to be neither dramatic nor exciting; more often than not, it was like going into labour to giving birth to an elephant calf, only to produce a mouse pup! In short, they were never like the hype usually associated with the launch of new Apple products or certain game consoles; as far as crude oil sector is concerned, the outcomes of OPEC+ meeting have always been foregone conclusions. It may be the case in the forthcoming meeting too on the first day of the next month, unless a last-minute intervention from an influential non-member of the OPEC+ comes about. The organization has been come under immense pressure in the past few days, especially from the crucial customers in Asia, asking the cartel to rein in the prices.