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No Recommendations Issued at OPEC+ JMMC Meeting

OIL

OPEC + did not issue a recommendation at the online session on Thursday according to delegate reports.

  • Tentative plans remain to start reviving halted production from next quarter. The return of barrels is a key aspect weighing on oil markets of late against a weak demand backdrop from China.
  • About 540,000 barrels a day are due to be added over the course of the fourth quarter.
  • The market remains divided over whether OPEC+ will actually unwind the cuts due to some overriding bearish themes according to surveys by Bloomberg and Reuters.
  • The current geopolitical risk premium due to Middle East escalations risks fading again if oil supplies remain free from impact.
  • Instead, Thursdays meet focused on compensation plans likely referring to overproduction issues from members like Russia, Iraq and Kazakhstan.

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