The question for the crude oil market is whether it believes Opec will be able to boost output by 400,000 bpd in December, and by that much again in January? The track record seems to indicate that it may well fall short, given November’s increase was pegged at 220,000 bpd more than what was pumped in October (File pic shows the Opec logo at its HQ.)
A factor in crude oil markets that probably doesn’t receive the attention it deserves is the difference between what various players say they will do, and what they actually do.
A case in point is last week’s meeting of the Opec+ group of exporters, in which they resolved to maintain their existing policy of monthly output increases despite the uncertainty over the current state of demand and supply.
Limited time offer:
Just RM5 per month.
