Opec+ sticks to its guns
The cartel opts not to spring any surprise by swifter loosening of the supply shackles
Opec+ opted on Wednesday to continue to adhere to its July agreement and raise its overall production by just 400,000bl/d for December.
Its decision was largely expected, although there had been speculation that pressure from large consumers such as the US could have persuaded the producer group to inject a large addition of barrels into the market.
“This will be seen as disappointing by the US, which is asking for an extra increase closer to 600,000bl/d,” says Ann-Louise Hittle, vice-president, macro oils, at consultancy Wood Mackenzie. “But as long as Opec+ actually boosts its output by 400,000bl/d, the US has indicated it will accept the outcome.”
The consultancy believes that Opec+ do
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