Oil Prices’ Stability Relies On Major OPEC+ Meeting

SourceAl Bawaba
SectorOil & Gas
CountrySaudi Arabia

The news of the week would in other circumstances have sent the price tumbling as a second wave of the virus in Europe triggered stronger distancing measures. However the continuing efforts of OPEC+ producers helped to alleviate the downward pressure on prices despite some speculation that cohesion within the group was starting to fray ahead of the upcoming OPEC+ Joint Ministerial Monitoring Committee (JMMC) meeting this week. It will assess oil market conditions and output cuts compliance ahead of the OPEC+ meeting scheduled for the end of November. That gathering will decide whether to ease the existing 7.7 million bpd of output cuts to 5.7 million bpd from January 2021 onward (as already agreed in April) or to keep the output cuts unchanged because of rising inventories levels. Saudi Crown Prince Mohammed bin Salman ...read more...