Opec+’s ‘Group of Eight’ struck a cautious approach during a quick meeting on 2 November. Ministers agreed to another 137,000 b/d quota increase for December before pausing the process for Q1, although they will still meet each month to review market conditions and compliance.
The decision to ease the cuts in December was made “in view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories,” says Opec. (CONTINUED - 1007 WORDS)
