Oil Prices React Swiftly to New OPEC+ Disagreements

ZeroHedge

ZeroHedge

The prominent economics blog site online covering monetary concerns, geopolitics and trading.

More Info

By ZeroHedge – Nov 28, 2023, 9:30 AM CST

What would an OPEC+ conference week lack the parade of strawman, market-testing headings dropped to evaluate traders’ tension levels.

OPEC is set to hold an online conference on Thursday, ahead of OPEC+ conference later on in the day to choose future oil production policy, a source stated according to Reuters.

The conference, which was delayed 2 days back, is rescheduled at 4:00 PM KSA on Thursday according to a draft program seen by the news firm.

Today, Reuters reports that, according to 4 sources:

  • “talks are challenging” (well, no news there)

  • “a more holdup is possible” (possible … not possible)

  • “policy rollover is a possibility” (that’s the kicker, we think, as bulls are plainly expecting more cuts)

Bloomberg likewise validates that, according to delegates, OPEC+ is no closer to solving the deadlock over oil-output quotas for some African members that has actually currently required the group to postpone an important conference in the middle of failing costs.

The Saudi-led alliance hasn’t had the ability to reach a contract with Angola and Nigeria, which are pressing back versus lower quota limitations for 2024, which show their reduced production abilities.

The very first response from the algos to offer was speedy, however rates drifted back within the hour.

We wait for the rejections – or verifications.

By Zerohedge.com

More Top Reads From Oilprice.com:

  • China Issues Additional Fuel Import Quotas
  • ESG Moment of Truth Turns Tables for Big Oil
  • Trillion Dollar Bailout: What Xi Really Wants From Biden

Sign up with the conversation|Back to homepage

Leave a remark

» …
Read More rnrn

Latest articles

Related articles