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Crude Spreads Rally on Expected OPEC Production Cut

OIL

Supply concerns and the potential cut in OPEC+ production targets at their meeting in Vienna tomorrow pushed the Brent Dec22-Dec23 spread up to the highest since Jul 4 at 12.72$/bbl.

  • The expectation is for OPEC+ to announce a production cut of 1mbpd or more with some estimations suggesting a reduction in targets of up to 1.5mbpd. The real production cut is likely to be only 40-50% of the headline figure due to underproduction by many group members.
  • The crude market has also been supported today by a softening of the US dollar.
    • Brent DEC 22 up 2.4% at 90.96$/bbl
    • WTI NOV 22 up 2.2% at 85.46$/bbl
    • WTI-Brent down -0.18$/bbl at -6.45$/bbl
    • Brent DEC 22-JAN 23 up 0.06$/bbl at 1.98$/bbl
    • Brent DEC 22-DEC 23 up 0.70$/bbl at 12.39$/bbl
Energy BulletsCommodities
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