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MNI Commodity Analysis: OPEC+ November 26 Meeting Preview

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a group of red and yellow fire hydrants sitting next to each other
  • Saudi, as the de facto leader of OPEC, would have expected global crude supplies to have tightened into the year-end, but surprise supply growth from places like Iran and the US looks set to force its voluntary cuts into 2024, especially against tumbling prices.
  • The Kingdom may look to rally support from other OPEC+ members to contribute to cuts after largely weathering the storm alone this year - to the detriment of its own production and market share.
  • Increased production out of Iran has sideswiped market expectations this year while calls that its output may be peaking were countered by its energy minister this week who said the country is looking to add another 200kbd to short term production.
  • Most sell side opinions previewed ahead of the meeting call for an OPEC+ production cut extension or for them to deepen further to counter the surprising supply growth and combat any tempered global demand expectations by the group.
Full piece here:

MNI Commodity Analysis - OPEC+ November 26 Meeting Preview.pdf


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