Oil prices held steady after a crucial meeting yesterday between the oil producers that could set the tone of the global crude market for the rest of the year. Brent crude traded just above $75 as ministers from the 23-strong OPEC+ alliance, led by Saudi Arabia and Russia, prepared for one of the most important meetings for many months. After their final round of meeting the officials will decide whether to increase production against a background of improving demand as the world climbs out of the pandemic recession. Oil expert Robin Mills, chief executive of the Qamar Energy consultancy, mentioned that the market and forecasts are certainly signaling the need for more supply. However, the Energy Minister of Saudi Arabia, Prince Abdul Aziz bin Salman, is inclined to favor a cautious approach as the global market approaches rebalancing after the volatility of last year, with new COVID-19 variants threatening an economic recovery in several countries. He told a...
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