PREVIEW: OPEC and OPEC+ Meetings on November 30th and December 1st
SourceNewsquawk
SectionEnergy & Power
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- OPEC and OPEC+ producers will meet November 30th and December 1st respectively, with Monday's meeting scheduled at 13:00GMT/08:00EST
- Over the weekend, OPEC+ failed to agree on a delay to output hikes, with UAE and Kazakhstan reportedly opposing extensions
- Market expectations are still leaning towards current cuts being extended following Sunday's meeting
- Some sources suggested a 2-3 month extension, others three and the most recent 3-4 months, with some officials not on board with the full "plan"
- OPEC+ failure to extend could trigger an oil price decline, whilst “buy the rumour, sell the fact” play cannot be dismissed
- NOTE: The Newsquawk real-time social media OPEC monitoring tool is available here