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OPEC+ To Consider Deepening Cuts At Next Meeting

OIL

OPEC+ is set to consider whether to make additional oil supply cuts at its meeting later this month, sources told Reuters.

  • Concerns remain about demand into 2024, with the potential of a supply surplus next year.
  • A source told Reuters that existing curbs may be insufficient and deeper cuts could be discussed. Three sources told Reuters that more cuts could be required, while two others said it was too early to tell.
  • Brent spiked around 50 cents/b following the headline but has since receded to be up around an additional 30 cents/b since the headline release.
  • Saudi Arabia, Russia and other members of OPEC+ have already pledged total oil output cuts of 5.16m b/d, or about 5% of daily global demand, since late 2022. The cuts include 3.66m b/d agreed by OPEC+ and further voluntary cuts from Saudi Arabia and Russia.
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