There was no lack of oil price swings last week, but the market is taking no risks before today’s OPEC+ meeting, waiting to see what the alliance plans for November before disturbing the price nirvana.
Prices are staying largely flat as OPEC+ has the full attention of the oil market. What will shape prices going forward is the key topic of the meeting, how much more crude it will release to the market from November.
Normally there wouldn’t be any doubt that OPEC+ will stick to its existing supply recovery plan, but as global supply is more constrained than what the group previously expected and as demand signals are increasingly bullish, a talk of potentially bringing back more barrels than planned is within reason.
Leave A Comment