First steps will be to push for better compliance
Reuters, citing four OPEC+ sources:
- OPEC and allies to consider deeper oil cuts at December meeting due to demand growth outlook in 2020
- Iraq and Nigeria are among the countries that have failed to properly comply with cuts
- Saudi Arabia has pumped somewhere around 300k bpd below its quota
- "It is early now, things will be clearer in November"
- "Of course deeper cuts are an options, but some things should happen before that"
- "To reassure the oil market, it would be better to deepen the cuts" due to soft winter demand
Oil jumps to the highs of the day. WTI is up $1.22 to $54.53 in a 2.2% rise. Crude needs to get above $54.93 to spark a real rally.
There is some skepticism here that the OPEC is serious.
