GRAPHIC - OPEC+ global oil market balances: tmsnrt.rs/2OcRNf8
LAUNCESTON, Australia, April 1 (Reuters) - What a difference a month can make for markets trying to guess which way the OPEC+ group of oil exporting nations will take their output policy.
A month ago, the broader market largely expected the group, made up of OPEC and key allies including Russia, to increase crude production to cool sharply rising oil prices.
Instead, the group held its output cuts at around 7 million barrels per day (bpd) for another month, extending them into April.
The market’s surprise was compounded by what was probably its incorrect reading of the move and subsequent price action.