Opec+ put on a united front this week as it rebuffed consumer calls for an accelerated easing of production cuts. Following the 4 November Opec+ ministerial meeting, multiple ministers emphasized the grouping’s key talking points that a seasonal demand drop is just around the corner, and that recent oil price gains are modest in comparison to broader energy-sector trends.
Despite increasingly desperate-sounding calls from the US government for Opec+ to add additional output, the producer alliance agreed to stick with the plan and will ease the cuts by a further 400,000 b/d in December (see p8). Under the agreed upon roadmap, the group will continue to unwind the cuts at this level until late-2022 unless there is a clear supply glut (MEES, 23 July). (CONTINUED - 873 WORDS)