More Production Cuts Coming Up From OPEC+
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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