Cathay Bank: Expects OPEC+ next week meeting to take a "wait-and-see" approach

On July 26th, Jinshi Data reported that Helima Croft, a commodity strategist at the Royal Bank of Canada, stated that OPEC+ is 'very likely to take a wait-and-see attitude' next week, rather than make any explicit statements about the planned supply rise. Last month, when OPEC+ announced a plan to gradually restore oil supply, the oil price experienced a big dump, but when the organization confirmed that 'increasing production is wise', the oil price rebounded. The subdued demand in Asia continued into the third quarter, strengthening the reasons for OPEC+ to remain cautious. The main officials of OPEC+ member countries continue to insist that stabilizing the oil market, rather than (occupying) market share, is the primary policy goal. It will be clearer at the end-of-year meeting after the U.S. presidential election for OPEC+ to understand the policy direction of some member countries.