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OPEC+ Awaits Outcome of EU Ban & Oil Cap

OIL

The OPEC+ decision to hold the December 4 meeting virtually signals little likelihood of policy change according to a Reuters source with knowledge of the matter.

  • "OPEC+ would rather sit on the bench at this time and assess the outcome of what happens on Monday," the source added, referring to the upcoming EU oil ban and the Russian oil price cap that is expected to be in place by December 5.
  • In October, OPEC+ agreed to cut output by 2 million bpd equal to 2% of global supply, effective until Dec. 2023.
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The OPEC+ decision to hold the December 4 meeting virtually signals little likelihood of policy change according to a Reuters source with knowledge of the matter.

  • "OPEC+ would rather sit on the bench at this time and assess the outcome of what happens on Monday," the source added, referring to the upcoming EU oil ban and the Russian oil price cap that is expected to be in place by December 5.
  • In October, OPEC+ agreed to cut output by 2 million bpd equal to 2% of global supply, effective until Dec. 2023.