Posted 11/28/2023, 1:56:00 AM
OPEC+ Mulls Deeper Output Cuts to Buoy Oil Prices Amid Demand Worries
- Oil prices rose Tuesday as reports suggested OPEC+ will extend or deepen production cuts at this week's meeting to support prices
- Cuts led by Saudi Arabia and Russia have kept prices in $80-90/barrel range, but weak demand and high output have pressed prices
- Delay in OPEC+ meeting initially hurt prices as it signaled disagreements between members over output reductions
- Falling oil prices recently driven by high US production, rising Chinese stockpiles, more OPEC output, and weak economic data
- Upcoming data on inflation, China PMIs, and US consumer confidence and manufacturing will provide demand cues to oil market