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Firmer As Potential OPEC+ Production Cuts Eyed

OIL

WTI and Brent are $1.60 firmer apiece, building on their respective higher closes on Friday ahead of the OPEC+ meeting, as participants watch for possible cuts to production quotas (after the Saudi energy minister surfaced the topic two weeks prior).

  • To elaborate, OPEC+ will decide on output quotas for October later today, with WSJ source reports suggesting that the group will keep targets steady mainly on Russian opposition to a cut.
  • A note that earlier source reports have suggested that the OPEC+ decision on output cuts will depend in part on the return of Iranian crude to global markets.
  • On that topic, progress towards a U.S.-Iran nuclear deal remains scant, with the U.S. on Friday rejecting a recent Iranian demand to close IAEA investigations into Iranian nuclear activity.
  • Looking ahead, efforts to secure wider participation in the G7’s price caps on Russian oil will be in focus (particularly from China and India), with Russia having stated that they will not supply oil and oil products to countries adopting the measure.
Energy BulletsCommodities
Energy BulletsCommodities

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