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OIL: Reuters Sources OPEC+ Production Delay Pressures Oil

OIL
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Oil is under pressure as Reuters sources report OPEC+ is discussing output return delays for Q1 2025.

  • Brent JAN 25 down -0.1% at 72.77$/bbl
  • WTI JAN 25 down -0.2% at 68.61$/bbl
  • It would mark the third delay by the group but represent a longer delay than the prior one-month extensions.
  • A lot of major names in industry, Citi, JP Morgan, Vitol have said this week it would be difficult for OPEC+ to begin returning barrels in January 2025 as planned, mainly due to the sustained weak demand backdrop in China.
  • The delayed meeting from Dec 1 to Dec 5 signalled the group is struggling to come to a consensus earlier on Thursday.
  • “OPEC+ is discussing delaying its planned oil output hike for the first quarter of 2025, OPEC+ sources told Reuters on Thursday, and will hold further talks on this among other options after delaying its policy meeting until Dec. 5,” Reuters reports.
  • The sources added that UAE production returns are also being discussed - a member long discontent with its output restrictions. 
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Oil is under pressure as Reuters sources report OPEC+ is discussing output return delays for Q1 2025.

  • Brent JAN 25 down -0.1% at 72.77$/bbl
  • WTI JAN 25 down -0.2% at 68.61$/bbl
  • It would mark the third delay by the group but represent a longer delay than the prior one-month extensions.
  • A lot of major names in industry, Citi, JP Morgan, Vitol have said this week it would be difficult for OPEC+ to begin returning barrels in January 2025 as planned, mainly due to the sustained weak demand backdrop in China.
  • The delayed meeting from Dec 1 to Dec 5 signalled the group is struggling to come to a consensus earlier on Thursday.
  • “OPEC+ is discussing delaying its planned oil output hike for the first quarter of 2025, OPEC+ sources told Reuters on Thursday, and will hold further talks on this among other options after delaying its policy meeting until Dec. 5,” Reuters reports.
  • The sources added that UAE production returns are also being discussed - a member long discontent with its output restrictions.