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MNI Commodity Weekly: Russia’s OPEC+ Compliance Under Scrutiny Amid Middle East Charm Offensive

  • Russia’s OPEC+ Compliance Under Scrutiny Amid Middle East Charm Offensive: Russia is seeking to deepen its ties and influence with Middle East oil producers, but past failures to meet oil production and export pledges could undermine its goal.
  • Oil Markets: Crude and oil product markets remain in a bearish trend with downside pressure from strong US and Russia production, continued scepticism towards OPEC+ output cuts and a weakness in the economic outlook.
  • Market Comments/Analysis: See the latest sell side comments on oil markets following post OPEC+ meet uncertainty.
  • Gas Markets: Natural gas benchmarks across the globe continued their bearish trend in the past week, as high stock levels, muted LNG and gas demand as well as milder weather have weighed on prices. EU natural gas prices hit the lowest level since mid-September this week, while US natgas prices remain suppressed due to record production levels. North Asian LNG prices could see some support this month as forecasts suggested an extreme cold spell in northern China for the coming weeks.
Full piece here:

MNI Commodity Weekly - Russia’s OPEC+ Compliance Under Scrutiny Amid Middle East Charm Offensive.pdf

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