OPEC+ likely to stick with existing oil output policy – Reuters
Citing five sources familiar with the matter, Reuters reported on Tuesday that OPEC and its allies including Russia, known collectively as OPEC+, was likely to stick with the existing oil output policy at the December 4 meeting.
Two other sources, however, told Reuters that the group could consider further reducing the oil output.
Market reaction
Crude oil prices came under modest selling pressure following this headline. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $77.75, where it was still up 1.6% on a daily basis.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
