Heads up for oil traders – OPEC + meeting Monday, output cut extension on the agenda – ForexLive

The OPEC+ oil cartel will meet on Monday 30 November 2020 after a weekend ministerial meeting revealed a split on the production level question for 2021.

Will the producers’ group will extend large output cuts?

  • The current plan is to raise output by 2 million barrels /day in January but the expectation amongst analysts is that will be put on hold due to the demand decline prompted by renewed movement restrictions in the face of new &/or sustained increases in virus cases. 
  • An initial round of talks was held on Sunday, but no agreement was reached. 

ANZ:

  • “Signs of disunity in OPEC raised the prospect of the group not agreeing to an extension of current production cuts”
  • “Some members, including UAE and Iraq, have expressed misgivings about ” supply policy. 
The OPEC+ oil cartel will meet on Monday 30 November 2020 after a weekend ministerial meeting revealed a split on the production level question for 2021.

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Heads up for oil traders – OPEC + meeting Monday, output cut extension on the agenda – ForexLive

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