Ahead of oil futures trading opening for the week, there is some chatter about that OPC+ will not be considering further reductions in output at their meeting his week on November 26.
Earlier reports were that further cuts are being weighed:
There is some talk that such cuts will not take place. Its difficult to get too much of a read on this chatter but just posting it as a heads-up.
The Financial Times have reported on comments from Amos Hochstein, the White House’s chief energy adviser, saying that the Arab states will not “weaponise” oil. The FT is gated but, in brief, Hochstein argues that relations between Biden and the Gulf States are good and that therefore oil production cuts will not be used as a weapon. Hochstein did concede though that the situation is ‘evolving’.
The two key players in OPEC+ are Saudi Arabia and Russia.
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- Source: https://www.forexlive.com/news/is-opec-considering-output-cuts-white-house-adviser-says-arab-states-wont-weaponize-oil-20231119/
