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The New York crude oil futures market continued to decline due to overtime trading on the morning of the 30th in Asia, temporarily falling below $ 45 a barrel. It’s hard to predict whether “OPEC Plus,” which consists of the Organization of the Petroleum Exporting Countries (OPEC) and the major non-OPEC oil-producing countries, can agree to postpone cooperative production cuts scheduled for January next year. .
At the informal online meeting of the Joint Ministerial Oversight Committee (JMMC) held by OPEC Plus on the 29th, many participating countries supported that production cuts would continue at the current level in January-March (first quarter) next year. , The United Arab Emirates (UAE) and Kazakhstan opposed, said one of the representatives of the participating countries.
The January contract for West Texas Intermediate (WTI) futures on the New York Stock Exchange (NYMEX) is at 10:18 am Sydney time (8:18 am Japan time), 50 cents off the closing price regular of the previous weekend. It was traded at a very low price of $ 44.99 a barrel.
After the OPEC General Assembly on the 30th, the OPEC Plus Ministerial Meeting will take place on December 1. Approximately 1.9 million barrels of crude oil will be supplied recently unless the current agreement to reduce production cuts of approximately 7.7 million barrels per day is revised from January next year, which is roughly equivalent to 8% of global demand before the spread of the new coronavirus infection. There is a risk that the international market will once again be oversupplied.
To delay or not to delay
If OPEC + goes ahead with its production increase in January, world oil inventories will rise in the first quarter of 2021. But a 3-month delay eliminates the accumulation of stocks.
Source: OPEC internal analysis
Original title:Oil retreats on signs of OPEC + discord ahead of key meeting ､OPEC + focuses on delay in increasing oil production from three to six months （抜 粋）
