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OPEC+ Tension Weighs

OIL

WTI & Brent are struggling in early trade this week, losing ~$0.60 vs. settlement levels.

  • The OPEC+ JMMC meeting, held on Sunday, resulted in a lack of cohesion among participating nations, with source reports pointing to the failure of Russia, Kazakhstan & the UAE re: backing an extension of the current production quotas through the early part of '21.
  • Reporters have noted that the full OPEC ministerial gathering will begin at 14:00 Vienna time on Monday, with the OPEC+ ministerial meeting set to get underway on Tuesday (providing the existing timetable holds).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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