Tuesday, November 29, 2022

"Oil Prices Jump As Market Eyes Another Possible OPEC+ Cut"

Europe still has no deal on the "price cap" plan so this is speculation on supply/demand.

From OilPrice, November 29:

Crude oil prices jumped on Tuesday ahead of the next OPEC+ meeting as the group dispelled earlier rumors that it could agree to increase crude oil production at its next meeting.

The cost of Brent crude rose $2.07 by 9:45 am ET, to $85.26 per barrel. WTI rose $1.66 per barrel to $78.90—although both benchmarks are still considerably lower than this time last week, and nearly $15 below August levels.

Goldman Sachs on Tuesday supported the market fear that OPEC could once again cut production, sending oil prices higher, saying that it was highly likely that the group would take further measures to stop last week’s price decline and to balance the market.

OPEC+ will meet next week in Vienna on December 4 to determine the output levels for its members for January....


Here's Goldman at CNBC: 

Goldman Sachs sees ‘high probability’ of OPEC cut — and expects oil prices to hit $110 next year

Last night:  

"The week that could unravel the global oil market"