- OPEC panel has made no new policy proposals from January 2021.
- Market to price in that OPEC+ will delay the planned tapering of their curtailment deal.
- US stimulus deal remains elusive and weighing on risk sentiment.
West Texas Intermediate crude had edged up on Monday and travelled between a range of $40.59 to as high as $41.21 earlier in the New York session.
However, in the last 30 minutes, the price has fallen along with equities as the Democrats and GOP remain far apart of ‘values’ with respect to US stimulus talks.
Ministers of the OPEC+ monitoring committee discussed the progress in implementation of the oil production limiting deal at their videoconference meeting on Monday.
The panel has made no new policy proposals from January 2021, according to a draft OPEC+ statement seen by Reuters.
“An agreement was reached in conclusion to continue performing the arrangement in full-scope; relevant recommendations were given,” Russian Energy Minister Alexander Novak said in an interview with the Rossiya-24 TV Channel.
“We agreed to meet next time in November, in one month, to conclude October results and assess the situation that will form in the winter season,” he noted.
”In turn, the market is starting to price in that OPEC+ will delay the planned tapering of their curtailment deal, as a failure to do so could endanger a fragile rebalancing amid a second wave,” analysts at TD Securities explained, seeing a potential set-up building for an upside surprise.’
”Normalizing demand expectations, large-scale fiscal stimulus and a potential vaccine announcement shortly following the elections, along with an OPEC+ revision to their planned tapering of their historic output deal, should all conspire to offer strong support in energy markets. ”
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