COM - OPEC+ panel recommends no policy changes; Saudis keep oil production cuts

2023-10-04 07:45:35 ET

• The OPEC+ Joint Ministerial Monitoring Committee did not recommend any policy changes at its meeting on Wednesday, delegates told Bloomberg.
• Saudi Arabia and Russia said they will maintain voluntary oil supply cuts to the end of the year, in an effort to support an oil market where prices have pulled back in recent days.
• The Saudis have cut crude production by 1M bbl/day, and Russia is trimming oil exports by 300K bbl/day, on top of earlier cuts made with other OPEC+ nations; Saudi production for November and December will total ~9M bbl/day, the energy ministry said
• U.S. WTI crude oil ( CL1:COM ) for November delivery -1.9% to $87.50/bbl, and December Brent crude ( CO1:COM ) -1.8% to $89.29/bbl.
• ETFs: ( NYSEARCA: USO ), ( BNO ), ( UCO ), ( SCO ), ( USL ), ( DBO ), ( DRIP ), ( GUSH ), ( NRGU ), ( USOI )
• The dollar's current strength is "a rally that will continue to haunt all markets including oil, even when, as is now, there is a compelling fundamental backdrop," PVM analyst John Evans told Reuters.

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