Reuters reported just now, citing four OPEC+ sources implying that there will be further production cuts and quotas, to be decided at the December meeting. Below are the pointers:
- OPEC and allies to consider deeper oil cuts at December meeting due to demand growth outlook in 2020
- Iraq and Nigeria are among the countries that have failed to properly comply with cuts
- Saudi Arabia has pumped somewhere around 300k bpd below its quota
- “It is early now, things will be clearer in November”
- “Of course deeper cuts are an options, but some things should happen before that”
- “To reassure the oil market, it would be better to deepen the cuts” due to soft winter demand
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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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