OPEC+ Considering New Oil Production Cuts

Wall Street Journal: OPEC+ Mulls New Oil Production Cuts Amid Middle East Conflict

OPEC and its Russia-led allies are considering new oil production cuts of as much as 1 million barrels a day, delegates said Wednesday, despite tensions in oil markets amid the conflict in the Middle East.

The move, which would likely send oil prices higher, could be announced Thursday at a virtual meeting of the cartel. The meeting, originally scheduled for last week, was postponed over disagreements about production.

A deal for further cuts isn’t assured, and the prospect is facing significant resistance within the Organization of the Petroleum Exporting Countries. A rollover of most existing output curbs is the most likely scenario, the delegates said, but talks are continuing.

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Update: OPEC+ oil producers head into meeting with quota unease and geopolitical risks casting a shadow (CNBC)

WNU Editor: I am still betting on OPEC+ imposing deep production cuts next year for the sole purpose of influencing/impacting the US Presidential election.

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