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The eyes of the world will once again be on Vienna when the 15 Opec members and their 10 partners meet there next week. The 6 December meeting comes at a critical juncture, with oil prices having lost some $25/B since early October. Its outcome will have a critical impact on whether prices firm or test new lows.
After Brent settled below $60/B on 23 November for the first time since October 2017, prices have fluctuated either side of the line.
The 2016 “Declaration of Cooperation” under which 24 countries (new Opec member Congo was not a signatory) agreed to cut some 1.8mn b/d expires at the end of 2018. Will the “Opec+” grouping agree to a further round of cuts? Or will it be a repeat of June’s reversal to “produce as much as you can mode” ( MEES, 22 June )? (CONTINUED - 1142 WORDS)
DATA INSIDE THIS ARTICLE
|chart||Opec's 2018 Oil Export Revenues On Track To Rise Almost $300bn From 2016's Low ($bn)|