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OIL: OPEC+ Little Room for Supply Boost: Trading Houses

OIL
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OPEC+ has few options when it comes to returning oil production capacity it has been keeping off the market, trading houses said, cited by Bloomberg.

  • OPEC+ will discuss Dec. 1 whether to begin returning the barrels or whether to delay again.
  • “I think that there’s no room for them to increase and the market will remind them of that when necessary,” Gunvor Group Co-founder and Chief Executive Officer Torbjörn Törnqvist said on a panel at the Energy Intelligence Forum in London Nov. 26.
  • “The likelihood is for OPEC try to manage the market in the next two to three months, to wait and see whether these geopolitical factors will solve themselves,” said Vitol Group CEO Russell Hardy.
  • Trafigura’s head of oil trading Ben Luckock said that much hinges on geopolitical factors, including Donald Trump’s policies towards Iran and possible further sanctions.
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OPEC+ has few options when it comes to returning oil production capacity it has been keeping off the market, trading houses said, cited by Bloomberg.

  • OPEC+ will discuss Dec. 1 whether to begin returning the barrels or whether to delay again.
  • “I think that there’s no room for them to increase and the market will remind them of that when necessary,” Gunvor Group Co-founder and Chief Executive Officer Torbjörn Törnqvist said on a panel at the Energy Intelligence Forum in London Nov. 26.
  • “The likelihood is for OPEC try to manage the market in the next two to three months, to wait and see whether these geopolitical factors will solve themselves,” said Vitol Group CEO Russell Hardy.
  • Trafigura’s head of oil trading Ben Luckock said that much hinges on geopolitical factors, including Donald Trump’s policies towards Iran and possible further sanctions.