OPEC+ oil ministers held preparatory talks before next month’s OPEC meeting on Sunday and indicated that oil production cuts in 2019 are on the table as a glut in the oil market remains, notes the research team at Danske Bank.
Key Quotes
“Saudi Arabia has hinted it will reduce oil exports by as much as 0.5million a day in December.”
“Russia seems more reluctant to cut output, as the Russian energy Minister Alexander Novak has said it is hard to say whether supply will be too high next year.”
“The oil price is currently slightly above USD71 per barrel, which is 15 dollars weaker than its peak in early October.”
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