Investors will have to wait four more days. The Organization of Petroleum Exporting Countries and its allies (OPEC+) announced Thursday the postponement of 1is until December 5 of its next meeting.
Officially this delay is due to the fact that several cartel ministers are expected at an event organized by Kuwait this weekend. In reality, it could be due to differences within the organization when its members must decide on a future increase in their production. According to comments by Jorge Leon, analyst at Rystad Energy, reported by AFP, OPEC+ “needs to give himself more time to deal with divergent visions within the organization”.
Risk of imbalance
The cartel was supposed to put barrels back on the market last October by reducing its production cuts by 180,000 barrels per day (bpd) before postponing this recovery to November and then December.
Analysts expect this decision to be postponed again due to pressure on the price of black gold. Sluggish demand from China, increases in production outside OPEC, particularly in the United States, and recent favorable developments in the Middle East have led to a drop in the price of Brent which is once again approaching 70 dollars per month. barrel.
UBS analysts expect the cartel to maintain its discipline for several more months or risk creating an imbalance in favor of demand that could further weaken prices.
