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OPEC+ Don't Like Contango: Energy Aspects

OIL

Energy Aspects, Amrita Sen comments on OPEC+ expectations in interview with BloombergTV:

  • “Market fundamentals have weakened considerably; we’ve seen most of the front month crude spreads go into contango”
  • “Its fair to say OPEC+ don’t like contango, they don’t like inventories building – that’s what’s raised market expectations of deeper cuts”
  • “I think OPEC+ will just consider rolling over existing output cuts – they’ve only just put through 2mn bpd cuts”
  • “lets not forget the 5th of December – if OPEC+ think Russian volumes will be lost then OPEC+ might end up cutting production even if officially they don’t come out with another p[production cut.”
  • “Im not saying rule out cuts, but the market should not expect that as the base case.”
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