Reuters had a few snippets on the upcoming Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, i.e. OPEC+ meeting this week (begins on November 30).
Citing an unnamed OPEC +source the article says that OPEC+ is looking at deepening oil production cuts:
- said he expected there to be an option for a “collective further reduction”, but didn’t provide further detail
This would fit with the view of a number of analysts expecting OPEC+ to extend or deepen supply cuts into next year, given the recent dip in the oil price.
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OPEC+ meetings will begin at 1300 GMT on Thursday with ministers on an advisory panel called the Joint Ministerial Monitoring Committee holding talks
- meeting was delayed from November 26, which was reportedly due to disagreement over output levels for African producers.
Later on Thursday, at 1400 GMT the full policy-making group of OPEC+ ministers will meet.
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Earlier:
This article was originally published by Forexlive.com. Read the original article here.