Oil – What to expect from the OPEC gathering in Abu Dhabi on Thursday

News

I’ve posted a few times on the meeting this week. Its a joint ministerial monitoring committee (JMMC)

  • Will include Saudi Arabia, Russia and other major oil producers included in the global supply pact.

So, its not a full OPEC meeting (OPEC+ includes non member oil producers). Russian Energy Minister Alexander Novak spoke yesterday:

  • “It’s not the goal of the JMMC to generate new proposals all the time”
  • “We aim to monitor the current market situation and compliance with the agreement, and we’ll discuss precisely those questions.”

Officials from other countries have hinted at talks on cuts at the meeting, but its very unlikely there will be anything official on this. Early December is the next full meeting, not just the JMMC:

  • 5th is the OPEC meeting
  • following day non-OPEC members join in

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