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Saudi Arabian and Russian Energy Ministers are expected to hold informal consultations with the OPEC and its allies (OPEC+) Joint Ministerial Monitoring Committee (JMMC) on Saturday, November 28, Russia’s news agency – TASS reported on Friday.

The official OPEC+ ministerial meeting is scheduled for November 30 and December 1. Its largely expected that the alliance would delay a hike in the oil output by three months.

Market reaction

WTI remains unimpressed by the above headline, dropping 1.50% on the day to trade around the $45 mark. The oil rally lost steam thanks to the resurgence of oversupply concerns and doubts about the coronavirus vaccine, which dampened the market mood.

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