OPEC's Joint Ministerial Monitoring Committee met to review adherence to the OPEC+ alliance supply agreement on Monday.
I posted a quick preview on Monday during Asia suggesting it was unlikely we'd hear anything from this meeting on the upcoming productions cuts
- OPEC+ have plans to further scale back production on January 1 from 7.7m b/d to 5.8m b/d.
Still, there is usually an undisciplined remark or two but this time I didn't hear anything untoward.
about the only thing was Saudi Arabia's Oil Minister, Prince Abdulaziz Din Salma, called on the group to be proactive in the face of uncertain demand. The Minister is referring to the renewed drop back in demand due to the fresh wave of coronavirus outbreaks around the globe, notably in the huge advanced economies of the US and Europe - new tightening of restrictions in Europe will boost concerns that demand will remain subdued.
On the other hand, demand in China is gaining as economic growth rebounds, and in the US the pick-up in airline traffic is a positive.
