November 30, 2023
 

Crude prices have fallen more than 10% month-on-month.

Brent crude prices have fallen more than 10% month-on-month, and while traders with long positions in oil are liquidating amid souring sentiment, there is also likely an element of speculators taking risk off the table ahead of the OPEC+ meeting.

So once again, OPEC+ is facing a familiar dilemma.   

Cut more production and lose market share to non-OPEC producers… or keep the current output cuts in place and risk another sell-off.

The latest headlines suggest that OPEC+ isn’t on the same page when it comes to the distribution of output quota… but there’s reason to believe that Saudi Arabia will stay the course and bring African producers back into the fold.

Our Global Energy Alert experts discuss the possible scenarios and provide you with actionable intelligence.