Why The Market Doesn’t Need Much More OPEC+ Oil

While the Biden Administration calls on OPEC+ to boost production more than planned, the major oil forecasters scaled back their outlook on how much OPEC+ crude the market would need. Earlier this week, the White House called on the OPEC+ group to increase oil production more than they had planned in order to tame rising gasoline prices that could derail the global economic recovery. However, also this week, the U.S. Energy Information Administration (EIA), the International Energy Agency (IEA), and OPEC itself revised down their forecasts for…