Opec to extend oil cuts by three months

01 Décembre, 2020, 13:36 | Auteur: Auguste Feret
  • Crude oil prices slip in cautious trading ahead of OPEC+ meeting

Brent crude for January delivery settled down 59 cents at $47.59 per barrel, while the more actively traded February Brent contract was down 37 cents at $47.88; West Texas Intermediate crude for January delivery settled at $45.34 per barrel, down 19 cents.

January Brent crude futures, which will expire later on Monday, dropped 58 cents, or 1.2%, to $47.60 a barrel by 0008 GMT.

On Monday, both U.S. and United Kingdom crude futures' prices had rounded off the session lower as OPEC+ ministers had failed to reach an accord over the volume of output cuts on Sunday amid growing disagreement among some of the heavily pandemic-battered OPEC+ economies.

Sources said: "OPEC+ is now considering extending the existing cuts of 7.7 million bpd, about 8% of global demand, into the first months of 2021".

The Bloomberg news agency also reported the delay.

The Opec, Russia and others, a group known as Opec+, hold their wider talks on Tuesday, after informal discussions of key ministers on Sunday had failed to reach a consensus.

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[Bloomberg]"The group will probably find some face-saving compromise, with a short extension being the most likely outcome followed by a phased production return", RBC Capital Markets said in a note.

"Nonetheless this latest fracas does not bode well for collective cohesion in 2021 as vaccine optimism abounds and producers anticipate a strong recovery".

I don't think it indicates good news, but rather a balanced disagreement between those oil ministers who see the market as too fragile to absorb additional barrels of oil and those who seem to be willing and able to pump more to take advantage of higher prices following the recent news about successful COVID-19 vaccine trials.

This week's meeting - and the expected decisions on output levels - are a follow-up to the vast production cuts made during the depths of the pandemic.

"Today meeting will be hard, especially if Russian Federation and Kazakhstan didn't change their position", a source said.

A Reuters poll of 40 economists and analysts forecast Brent would average US$49.35 a barrel next year.

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