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Further Cut Discussions Remain Headline Focus Ahead of OPEC+ Meet Thursday

OIL

OPEC+ headlines circulating at present leaning towards further cut discussions for this afternoons meet rather than just a rollover. Some highlights from recent content below:

  • “The OPEC+ alliance of oil producers will consider additional production cuts for next year to support crude prices in virtual meetings on Thursday” according to three delegates cited by Reuters.
  • “A preliminary agreement has been reached for an additional cut of more than 1 million barrels per day (bpd), two OPEC+ source said.” Reuters added.
  • “Saudi Arabia has won provisional backing for further oil production cuts by the Opec+ group” according to FT reports.
  • Chief OPEC correspondent Amena Bakr said the dispute for African nation quotas should not “impede or impact the policy being discussed today.”
  • RBC had said in a client note Wednesday that the Nigeria/Angola issue “appears to be imperative before the group can move to the topic of additional collective and unilateral cuts for 2024.” countering this thought.
  • The morning meeting with OPEC was more admin focused with the proper OPEC+ meet set to start at 15.30pm Vienna time according to Amena Bakr. A JMMC meeting will take place prior to this.
  • Timings on the meetings appear slightly fluid at present, we will update if any changes emerge.
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