Oil price steadies ahead of OPEC+ supply policy meeting
Oil price steadies ahead of OPEC+ supply policy meeting
The oil price was steady ahead of an OPEC+ meeting on Monday to discuss production policy amid a rapidly tightening market.
Futures in New York traded near $76 a barrel after capping a sixth weekly gain on Friday. The alliance, led by Saudi Arabia and Russia, may have to consider raising output in November by more than its planned 400,000 barrels a day, according to some market watchers. OPEC’s own modeling is showing demand will outstrip supply over the next two months.
The market has tightened significantly recently following a robust rebound in demand from economies recovering from the pandemic and a supply disruption in the Gulf of Mexico due to Hurricane Ida. Surging natural gas prices ahead of winter have also raised the prospect of higher volumes of oil products being consumed in power generation, potentially boosting overall demand.
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