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OIL: OPEC+ May Consider Leaving Cuts in Place for Jan: Azerbaijan Minister

OIL
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“OPEC+ may consider leaving its current oil output cuts in place from Jan. 1 at its next meeting on Sunday”, according to Azerbaijan's Energy Minister Parviz Shahbazov cited by Reuters.

  • OPEC+ have provisional plans in place to bring back barrels from previous production cuts in January but the increase has already been delayed twice since October amid global demand concerns.
  • OPEC+ is to hold the Dec. 1 ministerial meeting online, delegates said.
  • Both OPEC and IEA have revised global demand forecasts for 2025 lower in recent months although OPEC expectations remain well above most other market analyst expectations.
  • Front month Brent is trading in a similar price range as seen at the time of the previous delay announcements in late September and early November.
    • Brent JAN 25 down 1.9% at 73.77$/bbl
    • WTI JAN 25 down 2% at 69.81$/bbl
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“OPEC+ may consider leaving its current oil output cuts in place from Jan. 1 at its next meeting on Sunday”, according to Azerbaijan's Energy Minister Parviz Shahbazov cited by Reuters.

  • OPEC+ have provisional plans in place to bring back barrels from previous production cuts in January but the increase has already been delayed twice since October amid global demand concerns.
  • OPEC+ is to hold the Dec. 1 ministerial meeting online, delegates said.
  • Both OPEC and IEA have revised global demand forecasts for 2025 lower in recent months although OPEC expectations remain well above most other market analyst expectations.
  • Front month Brent is trading in a similar price range as seen at the time of the previous delay announcements in late September and early November.
    • Brent JAN 25 down 1.9% at 73.77$/bbl
    • WTI JAN 25 down 2% at 69.81$/bbl