The OPEC meeting in Abu Dhabi will take place today and is expected to start at 13:00 Bulgarian time.
Note that the meeting is a joint one between the Ministers for the revision of the current situation with oil production. The meeting will include Saudi Arabia, Russia and other major oil producers.
The meeting will not include all OPEC + members. The ministerial meeting is not expected to conclude new policy change opinions as they are not fully staffed. The current market and manufacturing situation will be monitored and governments will be prepared to respond to changes.
Representatives of the parties present on several occasions hinted that a decision could be made to further reduce production, but this is unlikely to be discussed at all. At the beginning of December, a meeting will be held between absolutely all members. It will take place on December 5th.
Given the light weight of today’s meeting, we do not expect any serious movement around the event. Currently, the oil base is moving around stocks and the situation with Iranian sanctions.
Trader Martin Nikolov