Based on Baker Hughes update, The drilling rigs increased by 06 the previous week in the states , A barrel of oil above 83 $ puts the investors in a comfort zone especially the shale drillers in the U.S. which is encouraging them to increase production ( out of the opec+) , the OPEC+ seems has to deal with the matter cautiously , it has to choose between prices above 83$ for short terms but holds less share of the rising demand or accepting prices around 76 $ for medium terms but with more chance to dominate some market share.
The IEA expects an increase of demand by 1.3 mb/day in 2024 , the OPEC’s previsions are 2.2 mb/day but the question is : whats the share of the Opec+ of that demand when prices exceed 85 $ !?? time its keeping cuts and losing a market share in a voluntary way. Note that the opec+ is cutting 5.8 mb/day . the gap can be filled up by others especially when prices spike.
