Why Was the Opec+ Meeting Delayed?
Ducks in a row
Why Was the Opec+ Meeting Delayed?
According to news reports, Saudi Arabia expressed dissatisfaction about other OPEC+ members’ oil production levels, effectively free-riding on the Saudi’s 1mn bbl/day production cuts even as US oil supply has been stronger than expected.
The MUFG report ( at bottom) dated Nov 23rd goes on to state:
While Riyadh has been widely expected to extend its production cuts through 1Q next year, it may well reverse them if other OPEC members don’t pull their own weight.