05 December 2024: 09:30 GMT
OPEC kicks the can down the road while the market mercilessly nibbles away at its market share! They postponed the unwinding of production cuts by 3 months to April 2025, while the original production quotas have been extended until the end of 2026. Figments of feverish imagination surely. And markets were listening closely to any chatter escaping the meeting room. The market dumped $1 as soon as the meeting began! Markets reversed a little on news that the original 2 mil b/d quotas would be extended until the end of 2026, and flat price Brent recovered into the $72 range to settle near the $72.51/bbl close of the Asian session. But things are soft, the market can be steered a little bit, but at the end of the day reacts to demand and…supply! The OPEC 8 announced another meeting on 10 December, to make sure we keep thinking about them, not that it will reveal anything meaningful. The cheating is getting worse but OPEC’s secondary sources… hello. complicit media, why do you want to report low production numbers? Come on, we all can count barrels, can’t we?
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