Danske Bank analysts note that late yesterday, Reuters quoted OPEC sources for saying that they would consider larger supply cuts for 2020 than previously planned to be discussed at the December meeting.
Key Quotes
“The message immediately made oil prices jump around 50 cents to USD 60/bbl, but they came quickly back down afterwards. Oil prices are down USD 15/bbl from the highs in April following the weaker economic outlook, and, according to the International Energy Agency, supply growth next year from non-OPEC producing countries such as Brazil and the US will likewise weigh on prices.”
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