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Crude Prices Inch Higher as OPEC+ Weigh Response to Reserves Release

COMMODITIES
  • WSJ cite sources in reporting that OPEC+ are weighing a shift in oil policy after the coordinated crude release earlier this week. WSJ write: "Top oil producers Saudi Arabia and Russia are considering a move to pause their recent efforts to provide the world with more crude, according to people familiar with those discussions"
  • The news is not far outside of expectations, and partly explains the stronger response in oil prices to the coordinated action yesterday. OPEC+ are due to ease a further 400,000bpd from next week - but yesterday's statement from US, India, South Korea, China, UK, Japan et al clearly ruffling feathers in Saudi Arabia and Russia. OPEC+ meet on Dec 2nd.
Energy BulletsCommodities
Energy BulletsCommodities

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