Analysts at TD Securities suggest that heading into the OPEC meeting on Thursday and Friday, they expect that the cartel will stand pat and extend the current curtailment agreement, with a caveat that they will convene again if needed.
“As such, any decision on additional cuts will be pushed further down the road and will be conditional to deteriorating conditions.”
“Given that our projections show material surpluses on the horizon in 2020H1, we would not be surprised to see WTI prices trend towards the low $50/bbl range, and Brent towards $55/bbl in early-2020, as OPEC+ does not deepen cuts.”
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