OPEC+ may consider cutting oil production – market participants

Oil prices, which lost about 10% over the past week and hit a low for almost a year on Monday, may resume growth - players are beginning to fear production cuts by OPEC+. Reaching the low on Monday was caused by protests in China against the harsh anti-coke policy.

However, an active fall in quotations began earlier, since November 21 - the impetus was the report of The Wall Street Journal that OPEC allegedly discussed whether there would be enough oil on the market after the start of the EU decision to refuse oil from Russia (it will come into force on December 5). However, Saudi Arabia and the Arab Emirates immediately refuted these rumors, saying they had not had any such talks within the alliance. UAE Energy Minister Suhail Al-Mazroui stressed that OPEC+ was committed to maintaining the balance in the market as before.

Against this background, expectations began to rise among players that the alliance may consider production cuts at its next meeting, scheduled for December 4.