If output increases as planned from January, the world will have to face a new 200 million bbl surplus through May, Rystad Energy calculates.
Oil prices declined on Monday as OPEC+ does not appear to have a clear consensus yet on extending its current production levels, contrary to what the market has already priced in.
Oil prices finally put a halt on their continuous rise, as traders focused again on the worsening short-term oil demand.
Oil rose on Wednesday on vaccine and OPEC+ hopes, but the ground may be too shaky to support such gains.
Oil prices rose today, supported by optimism about the coming OPEC+ meetings and by China’s recent crude processing data.
Oil prices kept their gains on a combination of good news, the vaccine prospect, US crude stocks and OPEC+ supply indications.
Oil prices have swung towards both sides today, due to the uncertainty that the OPEC+ meeting created, and as the US election is coming closer and closer.
OPEC's Secretary General has said that the OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November.
Oil prices are fluctuating around Tuesday’s levels today on mixed signals from the IEA and on anticipation of the OPEC+ upcoming meeting.
Oil prices edged down today as, while Covid-19 infections continue to multiply, the market did not receive any bullish surprise from the OPEC+ meeting, while it realised non-compliant members still had way to go to compensate for their overproduction.