Chatter of an OPEC+ oil supply increase won’t go away | Forexlive

The rumours of a 500k barrel per day output increase from OPEC+ will not go away. The next meeting of the cartel is on December 4.

The Wall Street Journal cite OPEC+ delegates – Saudi Arabia denied a production increase plan due to unease with public discussion of the group’s decision making before an agreement with Russia had been struck.

The Journal piece is here (gated):

The discussions are still early, and OPEC+ could decide to do nothing at its Dec. 4 meeting or even cut more, as Saudi Energy Minister Prince Abdulaziz bin Salman suggested in a statement Monday. Prince Abdulaziz denied there were discussions of a production increase of 500,000 barrels a day, which The Wall Street Journal had reported was the higher end of what delegates were talking about.

OPEC+ delegates said Prince Abdulaziz’s denial of talks reflected an unease with public discussion of the group’s decision-making before an agreement with Russia had been struck.